2018 is just around the corner and this is the right time were many of us start researching about the best cities for real estate investments. Certain real estate markets pave way to yield a good amount of return without taking an extraordinary risk; this piece of writing will discuss the 2018-2019 housing forecast.
The key to housing forecast is to look at how many housing units are needed to accommodate and it includes single-family dwellings, apartments, condos, as well as mobile homes. Together with this, the construction type should be taken into consideration like home prices, rental vacancy rates and so on.
- The housing market will be driven by inventory shortages and because of this, there comes a situation, where home prices will go high, which in turn is said to affect the first-time home buyers who struggle to hoard some cash for a down payment. Together with this, they will struggle to compete with seasoned buyers who are already on the top. Seeing that, they have already made a great turnover from a home sale and having known about the market already, this will become intricate.
- Millennials are expected to move to the suburbs, in search of more affordable home prices.
- Chances of remodeling are high, instead of selling. In order to make the home look brand new, home owners will invest more on remodeling rather than selling a home. Real estate connoisseurs have said more homeowners selling their homes would improve low inventory issues and they have also said that regardless of having high self-assurance about being in a seller’s market will continue to stay still.
- On the whole, home prices are expected to grow at a constant rate, but at a slower pace. In view of the fact that, 2017 has been full of record breaking home price growth which was almost stimulating totally, a fair percentage of points is said to go up says experts.
Real estate experts had suggested that cities in the Southern half of the country and the Northeastern metropolis were on the sweet spot surprisingly during the 2017. And the best part about the said two places was about growth and affordability. The predictions are said to change based on the original state of affairs and it may not apply to your neighborhood at all.
Seeing that this forecast is an overview on national level, it is subject to change when you compare the same with your state or metropolitan area; so, always have a keen look at your community, its historical data, demographics, and its driving forces in order to take a fruitful decision.