Rise in the home prices will continue
If you have gone through the previous market trends, you must have seen that the house prices were on the rise in the previous year. According to the predictions of Houston TX real estate agents, the trend of increase is going to continue in 2017 but the rate of increase will be lower. Also, the experts have predicted that the housing market is going to favor sellers in this year, while 2018 will be good for the buyers.
So, you are planning to sell your house, now is the perfect time to jump into the market.
Mortgage rates will also be on hike
In November 2016, the mortgage rates moved up by 4% and this is known as Trump's effect. The mortgage rates are still expected to rise in 2017 and an announcement about increasing the short-term interest rates has also been made by the Federal Reserve.
Due to an increase in the mortgage the home sales are going to decrease slightly. However, the effect on home prices will be less or not at all.
Majority of buyers would be millennials
The millennial generation is known for being slow to enter the housing market. Because the generation has come at the time of recession, it is considered that they have a negative view of buying houses. They are also known to fear from the hardship that a faulty mortgage can lead to.
But, now the millennials are getting interested in having home ownership by being cautious and being on the safe side. Millennials are interested in having their own homes before they get married and build a family. And it is expected by the housing market experts that 2017 is going to be the first year when the majority of the buyers would be the millennials.
Low demand for the distressed homes
Despite the good overall look of the housing market Houston, the distressed homes are going to lag behind in the sales. Actually, these are the houses that are in the need of major repairs, foreclosed or are at the risk of foreclosure.
Whenever you plan to buy or sell your house, have a look at the housing market trends first; only then you would be able to make a right decision.
Moreover, for thorough information on the market trends, you can consult any of the Houston TX real estate agents. Caroline Allison is a certified property expert in Houston that you can consult for every information about real estate market.