It’s a new year and it’s time to look ahead to 2018 and start planning for another successful year in real estate. The residential real estate industry will remain optimistic going into 2018, according to panel of experts who shared their insights with Inman News. Of the 653 economists, developers, agents and owners who participated in Inman’s annual Industry survey in December, a vast majority — more than 71 percent — stated they were optimistic about the economy going into the new year — a 1 percent increase from the year prior.
With a strong economy propelling job growth and putting unemployment at a 17-year low, the 2018 housing market is poised for slow and steady gains – and perhaps a little more balance.
- Consumer confidence and another year of solid job growth will drive the housing demand and sales.
- There are high expectations that there will be more home sales in 2018.
- People will move outside cities to find affordable homes, and that will change the suburbs.
- The trend toward home design that can accommodate multiple generations will continue.
- Millennials will stimulate the housing sector. A majority of those born roughly 30 years ago are starting to realize their financial aspirations, and simultaneously entering their peak homebuyer age.
- At odds with the positive outlook, however, are rising fears tied to global events.
- Technology will create better and more meaningful experiences for consumers.
HYPERLOCAL MARKET REPORTS
I continue to provide relevant, timely and accurate market information, luxury trends, community events, and of course, detailed consumer-friendly area reports. These local market graphs compare supply and demand, market action trends, and inventory and price movements over rolling 90-day cycles and quarterly trends.