Posted On: February 15th, 2018 9:51PM
Here’s a compilation of the expected changes in the housing market for 2018. As your trusted REALTOR® serving the Northwest Suburbs of Chicago, I look forward to visiting about your specific needs.
There is a low inventory of homes for sale and more than 50% of these are not affordable to first time buyers.
This will lead to new construction but due to ever rising prices of land and building costs most expansion will be in the suburbs and outlying areas of cities.
There are many people who are about to become first time homebuyers, including millennials, immigrants and foreign investors.
Many previous homeowners had declared bankruptcies in the previous crisis and are now eligible to buy after seven years.
Homeowners looking to downgrade or upgrade as family needs change push up demand on some properties.
As the cost of living rises in the bigger cities many look for job opportunities and homes in cheaper cities.
The rising cost of building pushes up the price of existing homes and most homeowners will prefer to stay put and to remodel existing homes.
Developers will concentrate their efforts on building homes for lower to middle income buyers and will have to provide to their future needs such as wider passages.
Most millennials prefer to live in urban areas but will most likely buy in the suburbs where homes are more affordable.
The new tax bill might discourage some buyers. Some homeowners might look to sell and buy in states with lower taxes.
If any of these expectations look like they may affect your housing situation, and you would like to have a meaningful conversation about your options… let’s talk.