3 trends for a strong real estate market in 2018
March 29 2018
While the current economic cycle is expected to slow, the real estate industry is likely to experience steady growth in 2018, though at conservative levels. Economists and real estate experts point to three key national trends for growth that also indicate a strong market here in Illinois.
Steady Economic Growth -- With the Labor Department's jobless rate being at a 17-year low of 4.1 percent, experts are forecasting a strong wage growth for 2018. Additionally, the national GDP growth is expected to remain strong at 2.5 percent in 2018.
Boomers Will Move to Urban Areas -- A demand for single-family housing still exists among boomers who have stayed in the workforce. Many are choosing to "right-size" their housing by selling their colonial-style homes in the suburbs for housing in metro areas with walkable amenities and more active social scenes.
Millennials Will Shift to Suburbs -- As suburban cities begin adopting urban amenities like workout studios and organic grocery stores, millennials seeking more affordable housing will shift toward the suburbs. More importantly, employers are following suit, making the suburbs that much more appealing for those seeking easier commutes and work-life balance.
The steady growth of demand for rental housing over the past 10 years has led to an affordable rental housing crisis in many primary markets, including Chicago. Increased rents in Chicago neighborhoods coupled with a
decrease in unemployment
is likely to cause many households to consider homeownership over continuing to rent.
Are you interested in purchasing a home in 2018? Contact us today to get the process started!
Whether you are buying, selling, or refinancing, it is important to have an experienced mortgage professional to help you analyze your financing options, and make sure the closing goes smoothly. As a loan officer with Midwest Community Bank, I have the expertise and experience to get you the right mortgage, and to handle your transaction professionally. With my experience, and our rates and programs, you are sure to get the mortgage that is right for you. Please remember to get me involved early on in your home-buying process. Starting the Process not only gives you a better idea of what you can qualify for, it also gives you a stronger negotiation position when you find the home of your dreams.