2017 Apopka FL Real Estate Market Predictions
2016 was an interesting year. It was an active real estate market with rising prices, low interest rates, and a lot of uncertainty and questions about what the future holds. If you’re wondering what’s in store for the 2017 Apopka FL Real Estate Market, here are a few predictions.
Home Prices in 2017
During 2016, Apopka FL home prices returned to the levels seen back in 2008. That’s good news. Where will it go next? Given that inventory has still been low and not quite caught up with demand, prices will likely continue to rise. Prices have not reached the 2007 highs yet, so there’s still room for growth. However, given other market factors, most industry experts believe that the rate at which the prices are rising will slow down or level off a bit during 2017.
Mortgage Interest Rates
Mortgage interest rates are still historically very low. However, much of this is due to the federal government’s efforts to help the real estate market rebound after the recent downfall. At this point, the home values have improved enough that we will see some of those measures being cut back. Interest rates have already begun to rise during the last few months of 2016. That is expected to continue into 2017.
Real Estate Market Activity
Home buyer activity is historically low at this time of year, primarily due to the holidays. However, the new year always brings with it renewed interest in home buying. Spring and summer months are typically the busiest times of year with interest from buyers both locally and out-of-state. However, we are likely to see increased interest right after the first of the year given the predicted interest rate increases.
Home buyers will want to find a property and take advantage of mortgage interest rates while they remain low. Additionally, if the market continues to rise (even if it’s at a slower rate than last year), waiting to buy a home will only result in paying a higher price. Really, there’s no benefit to delaying a home purchase with everything considered.
More 2017 Apopka FL Real Estate Market Predictions
The above are general predictions for the real estate market. As you know, real estate is all about Location, Location, Location. This means that the specific market that you are looking in may be slightly different than the overall trends. Perhaps home prices are still surging due to high demand, or prices have already leveled off. The only way to really know what’s going on in the particular neighborhoods that you are interested in is to connect with a local real estate agent.
Contact our team for location-specific market information and advice. We service Apopka FL and surrounding communities. We can provide information on recent sale prices, availability of homes for purchase, and more! Get a head start of your 2017 home buying plans by calling us today!