Asheville Real Estate in 2016 was hot. Properties are moving fast, and there is a lot of growth in the area. The 2017 outlook appears to look good for the area in spite of recent mortgage rate increases. According to the National Association of REALTORS®, these three things will shape real estate next year.
Mortgage Rate Increases – Since the Presidential election we have seen interest rates jump up. As we prepare to bid farewell to 2016, it looks like we’ll be saying goodbye to the last of the record-low interest rates of the past few years, too. Interest rates have shot up 40 basis points, or 0.4 percentage points, since Trump’s election.
Millennials and boomers will both be looking to buy in Asheville
In 2017, the U.S. real estate market will be in the middle of two massive demographic waves that will power demand for at least the next 10 years.
Millennials and baby boomers, the two largest American generations in history, are both approaching life stages that typically motivate people to buy a home: marriage, having children, retirement, and becoming empty nesters.
Price appreciation will slow down
Nationally, home prices are forecast to slow to 3.9% growth year over year, from an estimated 4.9% in 2016.
“Prices are still likely to go up at an above-average pace as long as supply remains so tight,” Chief Economist Jonathan Smoke, says. “The inventory problem is not going away.”
The Buyer’s Agent of Asheville is dedicated to helping you find a home you adore and that fits your budget. With its team of 10 experienced real estate brokers, The Buyer’s Agent of Asheville has been loyally assisting home buyers in the Asheville, North Carolina area for over a decade.
Make an appointment to visit our office at 82 Patton Ave, Suite 211, Asheville
Call our 24/7 service number: (828) 210-4663