Local Real Estate Trends and Forecast for 2018
When clients ask for local real estate information, they are often asking if we can predict the future with certainty. Ah, to have a crystal ball! With that said, we do look at real estate and housing trends from many different angles, setting our clients up for success.
“An investment in knowledge pays the best interest.” -Benjamin Franklin
As we look toward 2018, it is important to understand the *wildcard* which is the impact of the recent tax reform bill. We will, most likely, understand the impact later in the year.
What to Expect
With that said, when it comes to homes for sale in the local real estate market, we can expect a stable home sale increase on average of 3.7% as a whole. New home sales are also expected to rise 14% according to the National Association of Realtors Chief Economist, Lawrence Yun in his 2018 housing and economic forecast.
Additionaly, the Realtor.com 2018 National Housing Forecast supports what Yun is suggesting. Interest rates are expected to rise from 4.6% to near 5% by the year end. Local real estate and national sale trends are expected to increase 3.2% with an advance in new home sales at 7%, a bit lower than Yun is suggesting.
What About Vacant Land?
When it comes to vacant land, local real estate for sale in Livingston County, Oakland County, Genesee County and Washtenaw County, there is a new construction housing trend that will be on the slight uptick, again, in 2018. We expect that the vacant land purchase trend will continue as buyers search for residential real estate. (Closed vacant land sales graph provided through Realcomp MLS.)
When it comes to real estate in 2018 as a purchase, sale or investment, you can count on 30 years of local real estate experience with The Tam Team. This a tend that will always meet or surpass expectations! If this is your year to make a move; if you are looking to sell your home, buy a new home, excellent marketing strategies, strong negotiating skills, or general real estate information, contact us today. We will narrow this information to meet your personal market area. Our clients and their referrals are our number one priority.
I cannot say enough about the integrity of this team. I will never feel comfortable with anyone else again! Love them!!
~ Shirley Lessner