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The housing market always keeps us on our toes. The trends are aiming for a shift in the year to come. With all that is happening in the financial sector and political areas, things should get interesting. Keep an eye on the trends below.
1. Rising rates
Rates went up at the end of last year. This was only the second time in 10 years. However, we can expect at least another two or three increases in the coming year. This will lead to higher mortgage rates which will make it difficult for potential home buyers to get the house they want.
2. More Credit
Despite the rising rates, mortgage credit might be more widely available. This will be because of lending standards being loosened. First-time home buyers might get a break by being charged a lower fee than others who have owned homes before.
3. More New Homes
This might seem a strange trend looking at the economic environment, but expect more houses to be built. The high demand from buyers, higher wages for builders and looser credit standards, create the right environment for building new homes.
4. Medium-Sized Cities
Medium-sized cities will continue to rise as people flock to higher paying jobs. This trend strains the real estate market as there is often space limitations where these jobs are available. As younger people continue to search for higher paying jobs and low-cost living, this trend will keep going.
5. Foreign Buyers are Here to Stay
Foreign buyers are those who buy real estate in other countries in order to keep their money safe. As the economy of other countries become slow, they turn to those who are stable and will offer safe storage for their wealth. This influx of foreign capital will continue.