For probably the last 2 years, home buyers and their agents have been lamenting the fact that available housing inventory is low.
It still is low, with 81 homes for sale in Folsom today, compared with 105 a year ago. The problem now is that the inventory that IS available isn’t what buyers want.
Take a look at the chart above, for the past year, the average price for homes sold in Folsom has been just over $500,000, and during that time, the average home listed for sale has been $100,000 to $150,000 higher. That’s pretty significant in itself, but the pool for higher end home buyers is traditionally smaller than for more modest homes, so it stands to reason that the majority of sales are of lower to mid-priced homes.
It’s the question I get every year, without fail: “What’s the Real Estate market going to be like this year?”
Although we can never be certain, with a little research, a bit of educated guesswork, and my handy crystal ball, I’ve come up with the top 7 predictions for the local real estate market for 2017. Here’s what you can expect to see:
1) Millennials Stepping Up
Over the past few years, there were quite a few articles written about how Millennials (born between 1982 and about 2000) were so much different from preceding generations, and how they didn’t want the same things their parents did. Namely, they didn’t want marriage, kids or home ownership. They wanted the freedom to travel and indulge themselves in whatever they wanted, and of course, a trophy.