The 2016 housing market was an unprecedented, volatile and, for some, excruciating. At the year’s start, experts anticipated a pick-up in building activity, but builders are still not producing enough homes. Meanwhile, home prices appreciated beyond expectations and mortgage rates toyed with record lows before crossing 4 percent for the first time in two years. "If the expectation was that the market would transition smoothly from deep red hot recovery to normal--that certainly didn’t happen," said Svenja Gudell, chief economist at real estate data firm Zillow. Nevertheless, Gudell and others argue that, on balance, 2016 was a good year for housing. National prices finally crossed the previous 2006 peak, mortgage rates remained historically low, and there were some signs that millennials, a generation which some feared would never buy homes, are beginning to enter the market. Through it all, the election loomed large. In 2017, we'll see how profound the effects through these eight things housing experts expect to see this year.
Wednesday, May 10, 2017
Housing Outlook 2017: Eight Predictions from the Experts
Source: Forbes
The 2016 housing market was an unprecedented, volatile and, for some, excruciating. At the year’s start, experts anticipated a pick-up in building activity, but builders are still not producing enough homes. Meanwhile, home prices appreciated beyond expectations and mortgage rates toyed with record lows before crossing 4 percent for the first time in two years. "If the expectation was that the market would transition smoothly from deep red hot recovery to normal--that certainly didn’t happen," said Svenja Gudell, chief economist at real estate data firm Zillow. Nevertheless, Gudell and others argue that, on balance, 2016 was a good year for housing. National prices finally crossed the previous 2006 peak, mortgage rates remained historically low, and there were some signs that millennials, a generation which some feared would never buy homes, are beginning to enter the market. Through it all, the election loomed large. In 2017, we'll see how profound the effects through these eight things housing experts expect to see this year.
The 2016 housing market was an unprecedented, volatile and, for some, excruciating. At the year’s start, experts anticipated a pick-up in building activity, but builders are still not producing enough homes. Meanwhile, home prices appreciated beyond expectations and mortgage rates toyed with record lows before crossing 4 percent for the first time in two years. "If the expectation was that the market would transition smoothly from deep red hot recovery to normal--that certainly didn’t happen," said Svenja Gudell, chief economist at real estate data firm Zillow. Nevertheless, Gudell and others argue that, on balance, 2016 was a good year for housing. National prices finally crossed the previous 2006 peak, mortgage rates remained historically low, and there were some signs that millennials, a generation which some feared would never buy homes, are beginning to enter the market. Through it all, the election loomed large. In 2017, we'll see how profound the effects through these eight things housing experts expect to see this year.
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