As a La Grange IL Realtor, it is important to be on top of the game. Both buyers and sellers can benefit from understanding the latest in the real estate market. Much of getting the best deal on a new home relies on timing. Similarly, you’ll be able to gauge a good time to sell by knowing the current real estate trends. Keep up to date with these 2017 trends by La Grange IL real estate agent Agnes Halmon.
Increase in Homes Values
The overall homes value is expected to increase in 2017. This increase will most likely be slower than it was in 2016, however. The estimated increase is predicted to be around 3.6% according to one Zillow economist. That is down from 4.8% is 2016. The market ‘s recovery from the housing crisis has meant high appreciation rates that seem to be stabilizing. As La Grange IL Realtor servicing buyers and sellers, this is good news for the housing market.
Since the price of homes is rising, it is likely that home buyers will give greater consideration to the suburbs. Prices are generally lower making housing more affordable. Another factor in this expected market trend is inventory. Properties that go on the market just don’t last very long. This observation has been experienced by this La Grange IL real estate agent. Since there is more inventory in the suburbs, it is probably that people will be moving in that direction. For more information about buying in the suburbs, contact La Grange IL Realtor Agnes Halmon.
Higher Priced New Construction
There has been a decline in the construction industry resulting in higher wages for workers. This means that new construction homes may be more expensive than in the past. Changes in immigration may also have an effect on this shortage of construction workers. If you are considering new construction, pay attention to the construction industry. Being on top of the affects that other industries have on the housing market is one key service provided as a La Grange IL real estate agent. The right time to buy might just be sooner than later.
We all know that millennials are going to have a great affect on the economy as they get older. The oldest of this generation will be looking to establish settled lives in new homes in the coming years. There have been more jobs created for people around age 30 than any other age, with higher wages as well. These factors combine to tell us that this generation will likely be buying more homes soon. At the same time, the baby boomer generation may also be buying homes as they are reaching the age to downsize. Serving as a La Grange IL Realtor means being able to accommodate any demographic.
It is also predicted that millennials will migrate to the Midwest. Realtor.com has identified Wisconsin, Ohio, Nebraska, Iowa, and Minnesota as states that attract this generation. Cities in these states that have universities offer jobs with significant salaries and, at the same time, affordable housing. For more information on everything real estate, contact La Grange IL Realtor Agnes Halmon today!