It’s safe to say that 2017 has been fairly unpredictable and the housing market has not been immune to the changes that have occurred this year so far. Experts gave their predictions at the start of the year and forecasted that they anticipate building activity. It was seen that the housing prices and the mortgage rates were at an all-times low.
2027 has been a fairly decent year in terms of housing, but let’s see how the spring property sales will do for people who are interested in selling their property this season. But before you mount that ‘For Sale’ sign post, make sure you put some though into spring property styling, to get the best offers for your property.
Now read on for an insight into the latest trends.
The Prices Will Keep Rising but at a Slower Pace
According to experts, the prices of property will keep on rising but the gains achieved will be relatively low. One of the reasons why this will happen is because the consumer confidence is higher and the employment rate is low. The price increase will be steady, despite the sales growth because it is predicted that homebuyers will have a higher affordability in the coming time than last year, which will work in the favor of real estate market.
The Lending Rates Will Also Rise
Interest rates were at an all-time low last year, but they are expected to rise steadily in the times to come. No official rates have been introduced to the public, but home loan rates have been observed to be increasing which will hike up the funding cost. What this means is that people should expect to pay more in terms of home loan.
Buyers Will Give a Preference to Affordable Locations
People who can’t afford to buy property in the metropolitan cities like Sydney and Melbourne will look for cheaper alternatives in nearby areas such as Wollongong and the Central Coast. It is seen that Tasmania is gaining popularity amongst the people because of the low prices that the place has to offer.
There Will Be More Properties in the Market
When the market is doing well, sellers tend to hold on to their properties in order to seek better prices. This causes a shortfall of inventory in the market. However, the price growth will result in more listings. However, it is important to know that the price growth will be lower than what it was recorded last year. The demand for property will remain stagnant, which will lead to higher lending rates that will moderate the market and will bring new buyers into the scene.
Reputable Developers Will Do Well
It is important for the buyers to choose their developers and location carefully because even though some of the property prices will see declining, but buildings made by experienced developers will continue to sell like hot cake.
The Market Will Remain Steady
It is anticipated that the market will not crash. The debt levels are high, which is why, it is expected that many people will choose to sell their property.