The general consensus for the real estate market in 2017 is that homes prices will continue to increase, but at a slower rate. That might not be the case for the Seattle area as it is the hottest real estate market in the US, with year over year increases of 11.0%.
Home buyers have been lulled over the last few years with the historically low mortgage rates. Experts see these mortgage rates beginning to increase in 2017, and they have inched at the end of 2016. There is also some uncertainty that presidential policy may impact changes in the mortgage industry.
On a more local note, Seattle is anticipated to continue to have a red-hot market in 2017. Technology companies and population growth in the Puget Sound region are strong drivers of this hot housing market. Low housing market inventory is expected to remain a factor, and with population growth at twice the rate of the national average, this could continue for the next two to three years.
For buyers who have been sitting on the fence, it's a good time to start thinking of purchasing a home. Working with an experienced full-time realtor like me is a great way to start this process!