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February 27th, 2018 7:16 AM

Barbara’s Blog:

Realtor.com predicts four developments for this year:

  1. INVENTORY WILL INCREASE. Starting in August 2017, the U.S. housing market started to see a higher-than-normal, month-over-month increase in the number of homes on the market. Based on this trend, it is projected that inventory growth will move up into positive territory by fall of 2018 for the first time since 2015.
  2. PRICE APPRECIATION WILL SLOW. Home prices are forecasted to slow to 3.2 percent growth nationally, from an estimated increase of 5.5 percent in 2017. Most of the slowing will be felt in the higher-priced homes as more available inventory in this price range and a smaller pool of buyers forces sellers to price competitively.
  3. MILLENNIALS WILL GAIN MARKET SHARE. Although millennials (those ages 18-36) will continue to face challenges with rising interest rates and home prices, they are on track to gain mortgage market share in all price points, due to the size of this generation. The oldest Millennial was born in 1981. Millennials could reach 43 percent of home buyers with a mortgage by the end of 2018.
  4. SOUTHERN MARKETS WILL LEAD SALES GROWTH. Southern cities should beat the national average in home sales growth in 2018, with Lakeland-Winter Haven areas leading Florida. Sales are expected to grow by 6 percent or more in these markets, compared to 2.5 percent nationally.

Not only is the Lakeland-Winter Haven area expanding, but Davenport area is also expected to increase by thousands of new residential homes in the next year or so. Growth is everywhere in Central Florida and this trend is not going to end soon!

Written by Barbara Doeringer


Posted in:Real Estate
Posted by Allen Doeringer on February 27th, 2018 7:16 AMPost a Comment

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