There are lots of conflicting reports when it comes to the outlook for real estate in 2017. Some experts believe that the real estate market is going to start to crash yet again, making things even worse for the people who have lost a lot of money in the real estate market cycles of the past ten years. Other experts believe that real estate listings are going to improve, and the real estate market is going to get better in noticeable ways that may still favor investors. Ultimately, all of real estate is about location, and that includes the recovery of the real estate market or lack thereof.
Real Estate Market Performance in the United States
The performance of the real estate market in the United States varies according to the state in question. As stated on one realtors website, the Pacific Northwest seems to be doing much better than the rest of the United States when it comes to real estate for some reasons. The fact that Seattle introduced the high minimum wage has made all the difference for the people who are trying to find a way to improve their situations in an economy that is still only recovering very slowly.
This has encouraged people to relocate to Seattle, which has a growing population at present. Seattle also has a strong economy, bolstered by the high minimum wage and the growing population. It is not a surprise that one of the top forecast markets in the United States for real estate is in Seattle, Washington at 11.2 percent price appreciation. Portland, Oregon, which is more or less part of the same region of the United States as Seattle and is culturally similar, has an appreciation price level of 11.1 percent.
Many other parts of the United States are genuinely in trouble when it comes to their price appreciation, and people who are interested in relocating to these areas are going to have a difficult time doing so for many reasons. Tennessee, New Jersey, Texas, and many similar areas are struggling when it comes to the growth of their housing markets, and these areas are certainly not good places for the people who intend to invest in the local real estate opportunities.
Overall, this is still more of a buyer’s market as opposed to a seller’s market. It is difficult for a lot of the people who are currently trying to sell their homes. The buyers are still going to be able to favor the fact that people are selling their homes for less than what they put into them initially, which makes this a better time to buy a home than to sell a home. Still, houses are going relatively quickly in places of high population growth like Seattle and Portland, Oregon. It may be more of a seller’s market in the Pacific Northwest and less of a sellers’ market in the American South.
Real estate listings change quickly, as does the broader real estate market. People are going to have a difficult time when it comes to truly anticipating all of these changes. However, overall, it is going to be easier for people who are trying to make it in real estate in 2017 than the people who did the same thing only a few years ago.