Number of Home Buyers Expected to Grow in 2017
A number of real estate analysts believe that the Central Valley housing market will be making a come back in 2017. One of main reasons is because former homeowners who lost their homes in the 2008 recession are able to be homeowners once again. After waiting for their credit to recuperate, former homeowners are able to qualify for a mortgage again.
During the recession, Fresno’s home values declined by 42.5 percent. Even after all this time and the progress that has been made to build up the housing market, Fresno home values are still 21 percent lower they were before the recession. While these decreases in home values may seem large, the Fresno housing market is the most stable in the nation, according to Freddie Mac’s Multi-Indicator Market Index®.
The housing market could also receive a boost from millennials who are beginning to start families and becoming first time home buyers.
To add to the growth of the Central Valley housing market, many baby boomers are deciding that they don’t need big houses or yards and are beginning to downsize. This opens up more opportunities for people who want to upgrade to larger homes.
With all of the potential buyers this next year, real estate experts are worried about an inventory problem. There are not enough homes for the amount of people that want them. This would potentially make it a great time to sell in 2017 if your house is in high-demand – just make sure you and your family have a place to live as well.