Real Estate Predictions for 2018

2017 was quite a year for real estate, both in Brazos Valley and around the country. Now that it’s at an end, it’s time to look ahead to the predictions for 2018. Though it’s hard to know everything that will happen over the course of a year, economists and realtors alike have noticed trends moving in very specific directions. Based on those trends, here are some things you can expect when buying or selling your home in 2018:

We’re In for Another Seller’s Market

2017 was a seller’s market to be sure, with the price of home’s rising a whole 6.9 percent. 2018 is expected to be less extreme, but home prices will have a higher than average increase. Zillow’s chief economist, Svenja Gudell expects home prices to increase by 4.1 in 2018. There are a few factors that contribute to the rising home prices, like the rate of inflation, the desirability of the neighborhood, and the rate at which people are selling their homes. In 2018, it’s expected that more homeowners will decide to stick it out with their homes and remodel, which means there will be more buyers looking for homes than owners trying to sell their homes. It also means that if you’re considering selling your home, this may be the year for you.

Homeownership Will Stabilize

In 2016, homeownership dropped to an all-time low. Many people couldn’t afford to buy their own home or enjoyed the reduced responsibility that came with renting. Things started to improve somewhat in 2017, but in 2018, the rate is expected to finally stabilize at 63.9%. Many of those former rental apartment dwellers should start to seek out the security of a homeownership and will now have the savings to make it possible.

Millennials Will Take the Suburbs

For the past several years, the vast majority of millennials have preferred urban areas for a variety of reasons: it’s closer to work and has better public transportation coverage, it’s closer to their friends, and there’s more to do in the heart of the city than the suburbs. There tend to be more apartments in urban areas as well, which is what most millennials have sought. However, as millennials come into their 30s, market experts predict we’ll see more millennials moving into the suburbs...and into houses.

Buyers Will Move Away from High-Tax States

With major changes coming to tax laws, many buyers will no longer be willing to live in states with high income and property taxes like New York, California, and Maryland. In view of this prediction, Texas may receive an influx of homebuyers drawn in by the lack of personal income taxes and lack of property taxes for senior citizens.

If you’re interested in buying or selling your home in College Station or the Brazos Valley area this year, it’s a good idea to stay informed. If you have any questions about what to expect from the real estate market this year, talk to your local realtor. She can give you an expert look at the market and the best ways for you to buy or sell your home in it. 

House For Sale in College Station

Sarah Miller, your RE/MAX realtor bryan-college station can help you discover a lot of great tips for making a profitable sale of your home. Call Sarah Miller at 979-255-1904 for your real estate needs in Bryan-College Station and the entire Brazos Valley!