Family Reunions can be fun
At Keller Williams we get to go to a family reunion. It’s called that because we are different than most companies in how we share our knowledge and experience and I love what we get to do. Gary Keller is a really smart guy backed up by really smart people who bring us a lot of info at the Vision Chat. I’m not there this year (it’s a long story involving a deer stand and some time in the woods) but the Vision Chat was streamed live at my office and I thought I would share some highlights from it.
I’m not going to summarize the presentation because KW has done that for me so I’ll just share below what I got from them.
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Home Prices
The median home price for 2016 was $233,900 – which was 5 percent above 2015 and in what is considered a “sustainable range.” Price growth for 2017 is forecasted to be in the 3 to 6 percent range, leaning closer to the lower end.
Looking at the trend line over the last several years, we see that we remain 16 percent below the 1989 trend line.
While slight increases in home prices are expected for 2017, Keller noted that rising interest rates will have a dampening effect on price gains, with the most certainty we have had in recent years. However, rising global political and economic turmoil could still force rates to stay low.
Real estate agents should pay close attention to national and local market trends in 2017 so they can best serve their clients.
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One thing I’ll point out is the 16% gap between the old 4% trend line and what seems to be a new 4% trend line. That gap is probably going to remain since we seem to be on the new trend line but time will tell. The good news is we are above the peak in the ’06 period and that means most folks are no longer underwater. In fact less than 6% of all homes are underwater and a lot of that has to do with cash out refi and second mortgages and is not related to the actual purchase of the property.
There will be more to come over the next few days so check back with me. If you have specific questions on real estate and the market, give me a call. I’m always ready to talk about it with you.
Thanks for listening,
Jerry Robertson
678-231-1578 Cell