As 2017 quickly comes to an end, we should look at the road ahead. Heading into 2018 we can expect some positive changes throughout the market!
2017 was a difficult year in the real estate world. There were some bumps in the road. For example, the numerous natural disasters that swept the nation caused 2017 to have the lowest inventory of homes for sale on record, according to Trulia.
Although it is said that after this past year, there is less enthusiasm for home buying, more excitement for home selling and a lower desire for homes in areas prone to natural devastations, the collaboration of them all may actually benefit the market in years to come.
I know that sounds crazy, but all of the concern surrounding natural disasters, will eventually lead to a decrease in prices and more inventory nationwide as we head in 2018.
According to Trulia, after all, that we faced in 2017, Americans seem to be most concerned about floods, hurricanes, and wildfires, with 72%, 61%, & 58%, respectively telling them that the potential of those natural disasters would influence their search if they were looking to purchase a home.
With all that being said, there are 10 housing markets that Trulia believes are set up for growth based on what we faced in the past and 5 other key components, which include: strong job growth and opportunity, low vacancy rates, high starter-home affordability, more inbound home searches on Trulia than outbound and a large share of the adult population being under the age of 35.
Trulia feels confident that while the want for home buying might be fading, Millennials and Gen Xers have begun to switches gears from renting to buying. If this pattern continues into 2018, we should expect the homeownership rate to flourish, especially in the following states:
CastleRock REO is excited to see what 2018 has in store for us, along with the real estate market as a whole!
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