Looking Ahead to the 2017 Housing Market
Trends change. They return, like fads. But, trends wouldn’t be trends if they didn’t change.
So what should you expect? We asked our focus group of Realtors just this question.
Based on decades of market experience and with their combined knowledge of the real estate business in central Indiana, our Realtors shared tips and trends to be aware of as we rocket towards 2017. Some interesting tidbits for our final blog of this series.
Interest rates are on the rise
Buying a home is an expensive investment, of course. However, over the past couple years, the housing market has seen a steady run of lower interest rates, much to the benefit of home buyers.
This run is coming to an end, according to our Realtor focus group.
The group concurred that lower rates are bound to end soon. Many people don’t realize that these kinds of low rates are not normal historically, they said, and that rates will normalize in the foreseeable future.
So what does this mean for current buyers?
As sellers experience higher rates, they may be more inclined to stay put and not move. This could result in fewer homes being on the market and stiffer competition for those that are. Our group stressed that current and potentially future buyers need to look at homes at a 7-10 year investment and that hopping from one home to the next is not practical – sorry flippers.
They also suggest that now is the time to buy, and to buy as big as buyers can afford before the rates go up.
Homes are getting smarter
Ok, so homes aren’t gaining consciousness but they are gaining some intelligence. What we mean is as phones and other handhelds are getting more advanced we will undoubtedly start seeing more and more integration between smart devices, homes and lifestyles.
Some examples of this kind of connectivity could be linking access to home security cameras to your phone, allowing homeowners to have constant surveillance of their property.
Your thermostat, lights and many other appliances in your home can now also be connected and controlled remotely through mobile apps. Our Realtors have even started seeing a rise in extra wall outlets with USB ports so homeowners can charge their phones from anywhere in the house.
Buyers want “new” homes
Home buyers today are less inclined to want to put any work into renovating their new home, and that isn’t likely to change anytime soon!
For many buyers in 2016, a home that is 10 years or older means work. Buyers want their new house to fulfill their unique vision: trendy flooring, designer paint, high-tech appliances, premium fixtures and so on. If it;s not HGTV, Pottery Barn or West Elm, it better feel like it.
This trend is putting a lot more pressure on sellers to put one last investment into their home. Now more than ever, sellers have to make sure everything is updated and reaady for this discerning buyer expecting a turn-key transaction.
Looking for fresh carpet to fill the den? The perfect tile for the master bathroom? The right style of vinyl to complement your countertops? Tish Flooring can help get your home ready for the market with a little home makeover! We offer a wide range of the highest quality flooring materials in Indianapolis, and we can bring them into your home too. Contact us online or call 317-879-TISH (8474) today and schedule your free, no-obligation consultation and estimate.
Sellers, don’t let your house waste away on the market. Tish Knows how to get your home ready for buyers with high expectations – at the lowest possible cost to you!
Part 1: What Home Buyers are Looking For