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2016-10-25 12:03:56
2017 Real Estate Forecast

2017 REAL ESTATE FORECAST

According to recent forecasts released from the National Association of REALTORS® (NAR), the Mortgage Bankers' Association (MBA), and Freddie Mac and Fannie Mae, 2017 will be a good year for real estate.
 
NAR is predicting existing-home sales to reach 6 million in 2017, higher than its 5.8 million forecast for 2016. MBA is predicting home sales to eclipse 6.5 million next year while Fannie Mae and Freddie Mac are both predicting 6.2 million.
 
What’s driving this trend? The huge segment known as Generation Y (or the millenials) have put off home ownership and are now coming into their key buying years. Sales of homes and condos are predicted to continue strong well past the year 2020, according to some economists. 
 
 
 Nationwide prices are still $50,000 below the pre-recession highs. If construction rates moderately continue, prices in the hot markets of San Diego, Los Angeles, Miami, San Francisco, New York, Boston, and Phoenix should move to all time highs.
Mortgage rates are forecast to stay low. With employment growing and wages moderating upward, the market is set for growth. Yet some housing forecasters still cling to the idea that housing starts will moderate after strong growth to 2020.
While the overall picture for home sales next year and into 2020 looks rosy, sales and price appreciation will of course vary depending on the market. Like all things in real estate, home affordability varies by area.
 
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