2017 market may favor buyers
January 7, 2017
By Toni Spot
So you survived the New Year Celebration! Happy New Year! Woo!
So did the housing market.
Let’s take a look at the home sales in 53207 zip code for 2016. Note, the numbers in the table below do not include December and are for single-family homes only.
So what this tells us is the average home sold for $160,000 in Bay View and the average time it took to sell a home was 74 days. Not bad.
This also tells us that Bay View is still affordable for first time homebuyers. Keep in mind that these numbers show the average price for home sales in three price categories. As you can see the home sale prices reflect a range from $20,000 up to $500,000.
Real Estate in 2017
There are mixed opinions about how the 2017 real estate market will play out on websites such as Kiplinger, Inman, Realtor, and Forbes. One thing is certain, with interest rates moving up and inventory slowing down, change is in the air.
There has been low inventory in Bay View for the last few years, which caused the market to be a seller’s market. It is predicted that this trend will continue in the early part of 2017. Realtors are finding that a good majority of homeowners are staying in their current homes and fixing them up to meet their needs instead of moving to a different home.
Some real estate analysts predict an uptick in home sales in the first part of the year while others predict a steady market in the beginning of the year with a slow down in the latter half and then leveling out.
If, as predicted, there is a shortage of homes on the market, some forecast that the market will be changing near the end of 2017.
Some analysts are predicting a mild recession in 2018. That is a ways off, so we shall see.
So what is the bottom line? If you are thinking of selling, listing in early 2017 is imperative to avoid getting caught in the anticipated mid-2017 slowdown and the expected shift to a buyer’s market in late 2017 and early 2018. However, keep in mind that the market is ever-evolving and people are always moving and putting homes on the market.
It is also noteworthy to remember that there really are no seasonal markets anymore because everyone can shop for homes 24/7 on the internet. So waiting for the “spring” or “summer” market may cost you money.
There is no crystal ball in real estate. The market, as always, sets the price. And in most instances, the market for a home is the price a homebuyer is willing to pay for an individual home.
Wishing you a most Happy New Year!
Keller Williams Realty; 414-788-4255
Facebook: Toni Spott’s Real Estate Resource
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