2017 was a fantastic year. Today, let’s take a look at the projections for the 2018 real estate market.
It’s going to be a strong seller’s market again in 2018. Inventory is still pretty low compared to where it needs to be. Actually, our housing inventory across the United States is consistent with the housing supply of 1994. However, there are 63 million more people living in this country, so we cannot build homes fast enough.
In other words, if you’re a seller and you’ve been on the fence, make it happen.
If you’re a buyer, not all hope is lost. Interest rates are fantastic. These are some of the lowest rates we’ve ever seen. In addition to that, loan limits have increased. Going into 2018, FHA loan limits are at $304,750. Fannie Mae, Freddie Mac, and VA loans are up to $453,000. These new loan limits are fantastic.
Another thing to consider is that the average homeowner’s net worth is 49% higher than the average renter’s net worth. So, jump into the 2018 real estate market!
Finally, new construction is the highest it’s ever been—up 10% across the nation Like we said earlier, they just can’t build them fast enough.
2018 is projected to be one of the top three years for real estate in the last 100 years. We want to be part of that and we want to help you reach your 2018 real estate goals. If you have any questions, please don’t hesitate to reach out to us. We would be happy to help you!