UPSCALE LIVING IN HAYMARKET & GAINESVILLE
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INSIDE THIS ISSUE
g A Year in Review: 2017 Real Estate Trends EXIT Heritage Realty Featured Properties Weekend Getaways & Events 2018 Homeowner Improvement & Service Directory 2018 Daytime Real Estate Seminars & Training 10 Reasons to Call Bryan Garcia for Selling a Home Get Organized in the New Year with Instagram Spotlight on Haymarket Regional Food Pantry Market Watch 4 Quarter 2017
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Published by
BRYAN GARCIA Principal Broker
EXIT Heritage Realty Haymarket, VA www.EXITheritage.com 703-753-9100
Real Estate & Community News from EXIT Heritage Realty and Bryan Garcia, Principal Broker
Winter 2018
My Real Estate Predictions for 2018
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s we approach the Spring market, I’d like to share a few real estate predictions for 2018. I don’t have a crystal ball, but based on recent trends and expert analysis, here are some things I believe are worth watching. 1. Rising Interest Rates. Potential home buyers should expect to encounter a slightly higher interest rate environment as the year progresses. Experts are predicting mortgage rates will fluctuate between 4% and 4.75% during the year, and close out on the higher end. These are still historically low, but if they do reach 4.75% that will be the highest rate of the past five years, which has averaged around 3.75%. 2. Rise of Automated Loanapplication Services. We are seeing more automated options in the lending industry pop up like Quicken Loans’ Rocket Mortgage® and loanDepot®. These services can help by turning an intimidating process into a more simplified one, offering tools that help buyers navigate through tough decisions. These innovations might be helpful, but I’m still finding that most people want to
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interact with real people, especially during stressful transactions that have deadlines and contingencies. This generation is techsavvy but I think first-time home buyers will continue to rely on personal service. 3. Decline in Housing Inventory. The last, and probably the most relevant prediction I'll make for this year, is a continued decline in inventory. This is happening nationwide, but the shortages I’m seeing locally are with the kinds of homes that first-time home buyers are in search of. Right now, first-time buyers make up about 34% of all buyers. Even some of the area's new construction townhomes are out of price range for many. One of the reasons may be that builders are still building more expensive houses than they are entry-level houses. They are also catering to the rising Baby Boomer market with upscale active living communities. Another reason may be that people are just staying put. They’ve gained some equity, are doing home improvements like making better use of space and energy, and the local economy is good. It will be interesting to see how the year unfolds. I will keep you posted!
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