Top Real Estate Trends Predicted for 2018
Top Real Estate Trends Predicted for 2018
2018 is here and the real estate market is continuing to evolve with new growth and challenges. Here are some of the top real estate trends predicted for 2018 by real estate experts.
More Homes: Buyers will be more in control as the housing supply will finally catch up with buyer demand, according to a report by Realtor.com. Home prices are still expected to climb and more houses could be for sale toward the end of the year, giving home buyers a greater selection to choose from. Home equity for homeowners to borrow from are also expected to increase. On that note, mortgage rates are likely to rise which could reduce housing affordability.
More Home Equity: As home values rise, homeowners gain equity. And banks expect millions of homeowners to borrow against that equity. About 1.6 million homeowners are predicted to get new home equity lines of credit in 2018, a 16% increase over 2017, according to a recent TransUnion study. The credit bureau says 67% of homeowners have enough equity to get HELOCs, and 80% of those borrowers have high credit scores. TransUnion forecasts that 10 million homeowners will get HELOCs from 2018 through 2022, double the number of new lines of credit in the five years before that.
More Rental Options: The rise of the short-term rental market has created a boom in opportunity for large property owners or the single family owner states Susan Leger Ferraro of Peace, Love, Happiness Real Estate. Priorities range from renting a room occasionally for extra cash to renting entire vacation homes at three to five times the local and regional market since you now can access a global community.
More Financing Flexibility: 2018 also predicts more financing options for people with credit issues. A few specialty lenders are focusing on nontraditional mortgages. For example, Angel Oak Mortgage Solutions in Atlanta targets the borrower “who has had a life event, so they lost their house or had to file bankruptcy or things got really bad, but they’ve now got their feet back on the ground and they’re ready to buy their next house,” says Tom Hutchens, the lender’s senior vice president of sales and marketing.
Need help with the home buying process? Looking to rent a home in Phoenix, buy a home in Phoenix, or seeking a Phoenix property management company to care for your real estate investment? Please contact Simply Property Management – Paielli Realty, Inc today. We provide a wide array of specialized property services in Phoenix to fit your needs, and we keep it simple, not complex.
Greg Paielli
Simply Property Management – Paielli Realty, Inc.
www.phoenixpropertymgmt.com
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