Can you believe it’s almost the end of 2017? This year has flown by! Does your New Year’s Resolution involve a big move? One of the smartest things to do if you’re considering selling your current home, buying or building a new home, or both, is to read some expert predictions for what 2018 will bring. As years like 2008 have shown us, our real estate market can take some major upswings and some scary crashes. So, which kind of year will next year be? Let’s take a look at what some people are guessing:

#1 Home prices will rise. According to Zillow chief economist Svenja Gudell, inventory shortages will drive the housing market in early 2018. Gudell says low inventory will continue to push up home prices. This is great news for those looking to sell!

#2 Builders will turn their focus to entry-level homes. It used to be that building a home was far too expensive to do for first house, but this is changing. Economists have said over and over again that an increase in new residential houses, especially at the starter home level, is needed to stabilize rising home prices. This is already happening here in Southwest Florida, with our recently-released RRB Collection.

#3 Millennials will move to the suburbs. It’s no secret that the majority of people under the age of 35 would rather live in urban areas with easy access to entertainment, shopping, dining, and tech-centered job opportunities. But most millennials, especially those without help from parents, can’t afford to live in these areas any longer as apartments in places like New York City and San Francisco are now outrageously priced. Again according to Gudell, these young professionals are now starting families and moving to areas like Cape Coral in search of more affordable home prices.

#4 Many homeowners will remodel rather than sell. Because of higher housing prices, experts have said more homeowners will invest in remodeling efforts to make their current homes feel and look brand new rather than try to purchase a new one. While this may not be good news for those looking to sell, it certainly in for those looking to buy. Less people searching for a new home means less competition for you, and a smaller chance you will be outbid for your dream home.

#5 Home prices will level out. This is good news for both sides, as it means another big bust isn’t on its way. 2017 saw a big jump in home prices, but this is expected to slow down by the upcoming year. Freddie Mac says home prices are expected to climb 3.2% in 2018, which is right around the “normal” annual appreciation of 3%, and much slower than the 6.9% we are seeing right now.

Are any of these a guarantee? Of course not. One thing is for sure, whether all of these come true or none of them, The Beattie Realty Team will be with you every step of the way! We can help you find your Southwest Florida dream home, sell your current house for a price you are happy with, or even find a lot that our Beattie Development new home construction team can build on. Reach out to us today at (239) 994-6187!