Housing market outlook for 2018
The housing market in 2017 was very good and will continue to improve this year to meet demand and change of preference for different style homes.
Price increased by about 5% last year and is expected to go up this year by a similar amount.
Inventory:
It was very low to meet demand in 2017, and the struggle to find homes for new buyers will continue this year. New constructions will help ease the crunch but more homes are needed to satisfy demand.
Preference:
As baby boomers, who have retired or near retirement, are looking to downsize or change from colonial to ranch0style homes to keep everything on the same level. Buyers will either look for new construction or new areas in search of affordable homes.
Tax changes:
The new tax changes will have minimum impact on the market. People need homes and will continue buy homes, and we encourage all buyers to discuss their purchase with their financial or tax professional before buying.
For more information, please call 313-819-0101.
