by Eric Peterson
on Tuesday, December 27th, 2016 at 1:24pm.
As we head into the new year everyone wants to know what’s going to happen wit the real estate market. Let’s look at some predictions for 2017.
Keep in mind if you went back 14 years some of my predictions would be off the mark. That being said, this is the advice I would give someone in my family if they were interested in real estate in our area.
Overall we will see the market continue to go from a super hot to only above average. Home prices will be higher at the end of the year but consumers need to remember there are markets within markets and typically you’re only buying or selling one home.
Predictions For Austin Home Sellers
For home sellers we will see any increasing spread between the homes that are in great condition and those that are not move in ready.
This means the homes that have the upgrades and condition buyers are expecting in the price range will be rewarded.
Sellers with homes without the expected upgrades will see around a 2-1 loss in market value. If your home lacks $10,000 in upgrades you can expect to see a $20,000 loss in market value.
I’ve noticed in some areas rental homes are sitting on the market a little longer than in years past. If you own an investment property and have been thinking about selling now may be a good time to take your gain and find another investment.
Predictions For Austin Home Buyers
Buyers should expect to see prices higher this spring and higher interest rates as we go throughout the year.
The higher interest rates will impact buying power but because our job and population growth are expected to be strong I do not expect to see a decline in real estate prices.
However, buyers moving up to a larger home over $500,000 will see more opportunities as a little softening of the market is expected in the higher price ranges.
Overall buyers need to be careful this spring not to pay too much for a home. We often see sellers testing the market early in the year. It’s important to have an experienced Realtor working with you who can compare homes and home prices of what is on the market to recent sales from the previous year
Call/text 512-791-7473 if you would like to talk in more detail about the real estate market or your specific situation.
Have a Question?
Contact Us Now!
*Your information will never be shared with any third party.