As the end of 2016 nears, there’s one thing for certain … We are all eager to know what’s in store for the real estate market in 2017.
According to the Fiscal Times, “Nearly a decade after the real estate crisis set off wild swings in the housing market, most markets finally stabilized last year. The election of Donald Trump has brought uncertainty into the industry, however. While the President-elect built his empire on real estate, he has said relatively little about what policy changes he might make regarding housing. That’s not too unusual, since when the housing market is doing well it is generally not a campaign issue.” Click here for the full story.
Here’s what some of the experts are saying they expect to see in 2017:
1. Rising prices will keep pushing up homeowners’ net worth.
2. But mortgage rates are going up.
3. It’s getting easier to get a mortgage.
4. Rents will continue to level off.
5. The share of cash buyers will move closer to normal.
6. New homes are getting smaller.
7. Inventory will remain tight.
8. Foreign buyers will play a smaller role.
9. It’s getting easier for first-time buyers.
While “the bull in the cabinet shop” is shaking things up, we see Trump being good for the housing and mortgage markets in the long term.
In our local market, residential sales are up 5% over last year for Garland County. Below is an overview of this year’s sales compared to this same time period year-over-year.
Average Days on Market
1/1/15 – 11/30/15: 172
1/1/16 – 11/30/16: 163
Number of Listings Sold
1/1/15 – 11/30/15: 1254
1/1/16 – 11/30/16: 1359
Average Price of Sold Listings
1/1/15 – 11/30/15: $170,701
1/1/16 – 11/30/16: $166,432
MLS Sold Volume
1/1/15 – 11/30/15: $214,060,152
1/1/16 – 11/30/16: $226,182,035
(data obtained from the Hot Springs Board of Realtors mls, and it does not include home sales by owner, or other sales not reported thru our local mls)
Click here to take a look at the next report that shows a more detailed overview of the current market in Garland County, AR. This report will give you a better look at the supply and demand of homes.
If we can help more, please don’t hesitate to give us a call at 501.655.6247. It is always our pleasure to serve you.
Jeff and Paulia Kennedy
Hot Springs 1st Choice Realty
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