2017 Real Estate Forecast
Our 2017 Real Estate Forecast is that Prices Will Continue To Rise Just Not As Fast As Last Year.
House prices went up almost every month last year and most experts expect prices will continue to up but more slowly. Demand has remained strong and it is expected that inventory will pick up.
“With the current high consumer confidence numbers and low unemployment rate, affordability trends do not suggest an immediate reversal in home price trends,” noted David Blitzer, chairman of the Index Committee at S&P Dow Jones Indices, in the December release of the Case-Shiller home price index.
Zillow is forecasts that the national median home value to go up about 3.2% between November 2016 and November 2017.
Local forecasts For 2017 Home Values:
Studio City – +3.7
Sherman Oaks – +2.7
Toluca Lake – +2.4
Valley Village – +3.2
Valley Glen – +2.4
North Hollywood – +3.5
Encino – +2.3
Want to Know What Your Home Would Sell For In Today’s Market?
Mortgage rates remain low as we bring in the new year. December 2016 saw a 3-year peak but shifted lower in January. This month should remain a fantastic time to be shopping for a mortgage rate. February saw interest rates at 4.19% for a thirty year fixed rate mortgage, according to Freddie Mac.
Although mortgage rates are still historically low they may start to increase soon. Shifts in market sentiment and the economy can cause interest rates for Mortgages to change quickly.