Throughout the year, realtors and brokers spend countless hours analyzing the future of the housing market. It is impossible to see the future, but with research, analysis, and education, a glimpse into what the future may hold can be achieved. Below is information from Zillow on their predictions of the housing market for 2018.
Since we cannot know the exact future of the housing market, we need to rely upon experts and their opinons. Here is what top economist, housing expert, and Zillow chief economist Svenja Gudell has to say about the future housing market.
“We’re on the other side of the housing recovery, and the real estate market looks quite different than it did 15 or even five years ago,” Gudell said in a statement. “We have a huge generation entering the market. They really want to be homeowners, and they’re faced with an inventory crisis that leaves them with few options.”
“Builders won’t ignore this hungry market, and we’ll start to see a rise in new construction at the more affordable end, instead of all the luxury buildings we’ve seen lately,” she added.
“However, builders are also facing high costs, so instead of adding density in cities where zoning laws and land costs often preclude affordable building, we’ll see the suburbs grow and expand outward.”
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