Real Estate Predictions for 2017

Our Women’s Council of Realtors had Denise Lones speak about her 2017 predictions for real estate. I have been attending her New Year prediction seminars for several years now. This year was different due to the election and the uncertainty around the new administration. A few topics she didn’t make a prediction or wasn’t completely firm on her prediction (global markets and trade.)
I took her whole seminar and picked out a few highlights. This year in real estate:
– WA real… estate will increase 5% and more in pockets of Seattle that are hot neighborhoods. Urban living is key for buyers because of traffic.
– Interest rates will go up .5% to .75%. By the end of 2017 she predicts we will see rates close to 5%
-Inventory will continue to be a problem for awhile because the shortage is so great and many more job openings are projected (Amazon, Microsoft, Boeing, UW…all hiring.).
-Also, adding to inventory problem is people are aging in place. They don’t want to sell and move to retirement community. They are remodeling so they can stay for their later days.
-Credit availability- Will remain tight until the government examines credit and lending policies. Trump may help with lending policies.