The Spring Housing Market — Forecast for 2018
After absorbing the Trump Tax volatility, the housing market will return stronger than ever.
Ah Spring is coming and hundreds of thousands of hopeful homebuyers are anticipating a good buyers market. Well, there are more detached houses for sale, and a slightly better market for condos than last spring. The only problem now is where to find a home you can afford.
And don’t fret, you’ve got it easier than most renters who are looking for an apartment in squeezed cities such as San Francisco, San Jose, Sacramento, Santa Clara, Los Angeles, Long Beach, Dallas, Austin, and Denver.
Although January’s sales were disappointing, it’s due to the severe shortage of housing. Demand is there and you’ll be competing against a hoard of buyers in 2018. Corelogic expects 2018’s home prices will grow 4.3% by next December. NAR and Realtors® expect only a 3% growth in prices this year. Nevada, Texas, Washington, and Florida are the states with the best outlook, and perhaps the best places to buy homes or rental properties from the report by Gord Collins.
So what is it you want to know about the 2018 housing market that brought you here? I’ll bet it’s justification for wanting to buy a house or condo. A few other buyers have stopped their questions about whether to buy a house, and instead are trying to time their buy this spring or summer.
Everyone will be out in May and June, and that will drive prices high. Better for you to get to this quick and make an honest offer to grab them quick. May and June is the best time to sell a house.
What is the Best Time to Buy a House?
As suggested in a previous post on the best time to buy a house, the best time might be right now. We’ve had a good lull in most housing markets which made a few feel a housing crash might be on the way. But those are far fetched scenario.
The US economy is rolling, and with Trumps persistence at fair trade and reducing the US trade deficit, the US is looking at many years of solid economic performance. The more likely scenario is high inflation, rising home prices, and more difficult in mortgage financing.
Those home buyers in Miami, San Francisco, San Diego, Dallas, Phoenix, Las Vegas, Charlotte, Denver, and Seattle won’t like the forecast: continued squeezed availability and higher prices. With wages rising, and American savings strong, there’s plenty of money to buy homes and condos.
Rental Housing Forecast 2018
The demand for rental housing properties has take a little lull too, but expect that to get back to torrid levels in 2018 as stock market volatility ends, and more money is repatriated back into the US. Trump is protecting vulnerable industries and jobs, along with showing a confidence that automobile production can be brought back to the US.
Detroit might be the best place to buy houses for flipping if you’ve got the patience. Nearby Grand Rapids is rated as one of the top cities in the country. If you’re an investor looking for the best cities to buy property, you’ll enjoy the post and the insights.
The Big Advantage of Rental Income Property
Don’t forget about the advantages of rental property you can live in. That means getting a good portion of your mortgage paid for. It translates to a substantial difference in your personal wealth and lifestyle.
See the 2018 Rental Housing Market report for insight into what’s happening in new construction and where the demand is. There is full coverage of the best cities to buy rental properties. including full listing of apartment prices.
Good luck finding a house or high producing rental apartment. Real estate is the number 1 investment long term. You’re doing the right thing!