by LINDA REA
Buckle up, it’s going to be a great ride! These real estate trends will be game-changers in 2018, for sure. From housing inventory to price appreciation, to generational and regional shifts, these are the top trends that will shape and reshape real estate markets in 2018.
Supply is finally catching up with demand. The majority of the year might be challenging for most buyers, but we do expect growth in inventory starting in the fall. Then, once we start to see inventory turn around, there is plenty of demand in the market. So, if you’re thinking about selling your home, your best bet is to move fast. Call our team to get started, and learn how to maximize your profit sooner as opposed to later!
Detroit is one of the markets primed for increased sales. Bullish construction is the engine that’s turning this ship around, bringing new homes to the market and creating an opportunity for people to trade up into new homes. As the market eases, home prices are expected to slow to 3.2% growth year over year nationally. We expect the relief to start in upper tiers, then make its way down to lower tiers. Specifically, most of the initial inventory growth will be mid- and upper-tier prices ranging $350,000 and up.
As the largest generation in US history reaches that sweet spot in their 20s and 30s when they’re settling down and starting families, they’re particularly motivated to buy. Millennials could make up to 43% of the buyers taking out mortgages by the end of 2018, up an estimated 40% from 2017.
If you’re interested in talking more about making wise decisions regarding when to make a move that profits you the most, sit down with myself or one of my advanced and experienced real estate agents. See for yourself how working with the top agents in your community (9 hitting over 1 billion in sales over my career), The Linda Rea Team, can and will give you an advantage that has proven itself over and over every year!
For further details on the 2018 Real Estate Forecast, and to learn why you have an advantage when dealing with the listing agent when buying a home; visit our website at LindaReaTeam.com.