Tag Archives: real estate forecast

3 Trends driving the 2017 housing market

Rising real estate market ahead

What can homeowners, buyers and sellers expect in 2017? Real estate experts have a positive outlook for 2017 and are predicting continued growth. “Opportunities in the Canadian market continue to be abundant but no two markets are the same,” says Frank Magliocco, partner  and national real estate practice leader at PwC Canada.

Commenting on the U.S. market, National Association of Home Builders Chairman Ed Brady said, “Ongoing job growth, low mortgage rates and rising incomes are contributing to a firming housing market and economy.” He added, “Though some areas are recovering faster than others, the overall trend is positive.”

Here are three trends that are expected to have a significant impact on housing over the next 12 months:

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Real Estate Market faces challenges and holds opportunities for growth in 2016

A lot of great information was shared at the National Association of REALTORS® (NAR) conference, and one of the conference’s most interesting panels was also one of its first: Residential Economics Issues and Trends Forum — Will Housing’s Strength Continue into 2016?

Cost, demographics will shape real estate’s future

Jonathan Corr, the CEO of Ellie Mae, a tech company that processes as many as 1 in 4 mortgage applications, points to homebuyer demographics and closing costs as drivers of future change.economic issues NAR 2015

In 2007, the cost to close a loan was $3,400, whereas last year, the cost hovered around $7,000, according to Corr. The increases, mainly due to the Consumer Financial Protection Bureau as well as other regulators, will factor into the real estate deals of the future.

Demographically, Corr said that the more than 80 million millennials — the biggest generation since 76 million baby boomers — will set the pace in real estate.

“They are reachable, but not by old-school means,” Corr said. They key? Leveraging technology in tomorrow’s transactions. Corr predicts that everything to do with a real estate transaction will be done electronically in the next five years. Continue reading