What to expect from 2018 in terms of real estate

 

In spite of the international context, the last years, 2017 included, did not bring down the real estate market. Now, was the new year has begun and we are approaching the end of its first month, experts are certain about what it will bring. Rethinking the property industry through a more optimistic perspective seems to be a good idea, because in 2018, people will continue to consider purchasing real estate is a great investment. So whether you are planning to sell your house in the near future or you are thinking about buying a new one, this article will help you understand where the industry is and where it is headed.

Purchases will increase in high-tax states

The tax reform bill that has been recently issued by authorities was dedicated to home owners from the states with high taxes, such as New York and California. This is due to the fact that it is limiting mortgage deductions, which increases the chances for second homes in these areas to be available on the market. In a recent interview, a real estate expert said in 2018 houses will become more affordable, given new laws as well as increased mortgage rates, which causes a bump in inventory. As a consequence, it may become easier for owners to sell home fast in Tampa, Miami and other similar cities.  

Vacations properties will be in great demand

Due to the same tax reform bill, there will be more vacation home buyers in the upcoming year. While some people may be reluctant to buying in a new home, Americans and foreigners as well will find it a good idea to purchase a property for tourism purposes, in case they afford it. Such investments are actual cash transactions, which is why interest rates and interest deductions will lose their importance.

Supply catching up with demand

During the past three years, there has been a clear shortage of homes for sale. However, experts predict that in 2018, this situation will finally come to an end. Of course, there will be some challenges for buyers, but the growth of inventory is imminent starting in the autumn. Those who have been in need for buying a property have definitely experienced frustration, since no offer seemed to be good enough to be worth the investment. Now, the real estate market is blooming again and people will have the possibility to pick something that meets their expectations, needs and most importantly, budget.