What's ahead for 2018?
December 26 2017
Hoping to buy or sell a home in the next year, but worried about what's in store for the housing market in 2018? The good news is the forecasts are trending positively for the industry as a whole.
National Numbers and Outlook
The outlook and numbers are positive looking into next year, according to the National Association of Realtors and Freddie Mac. New home starts are expected to grow from 1.22 million to 1.33 million. One Freddie Mac economist stated that "the economic environment remains favorable for housing and mortgage markets."
Freddie Mac also predicts that homeowners will continue to build equity next year, which is essential for homeowners looking to take out home equity loans or lines of credit for home improvement or to consolidate other debts.
Local Numbers and Outlook
Chicago landed the No. 42 spot on the list of U.S. markets to watch in the Urban Land Institute's 2018 Emerging Trends in Real Estate report, beating out heavy hitters such as New York City, Houston, and Washington, D.C.
A financial and real estate expert also had good news for the Chicago metro area in a September speech. Lawrence Yun, chief economist for the National Association of Realtors, predicted a 10 percent increase in volume for next year and said the city would continue to benefit from job growth.
As 2018 rolls along, we will continue to stay on top of the latest real estate and mortgage trends. We'll make sure you have all the information you need when it comes to making important financial decisions, whether you want to buy a new home or refinance your current one.