By Nancy Olmos | John L. Scott Real Estate Agent
2017 is fast approaching and it’s finish line in residential real estate as the New Year approaches. One piece of good news we can share now is the continuing climb in property values in many parts of our great country and especially right here in the Greater Seattle area. With a banner year in price appreciation in many areas, we hope for this good news to spread into new areas of the country that are seeing demand shift in their favor. VeroFORCAST has provided interesting analysis of what has happened and the most likely continuing trends in Real Estate for 2017. The markets in Washington, Colorado and Oregon make a triad of strength. The three dominant factors are low unemployment, population growth and low housing inventory; hatching a 9-11% upward prediction in our housing markets.
Those that have been waiting to make a move to Seattle should see this as a great stimulus to get off the fence. If selling, it is time to realize maximum equity gain on currently owned homes. Buyers want to get in the market early this 2017 to capture purchasing power.
Looking at markets that are not thriving at this time in the Vero reports makes bad news seem not as bad as it appears. At worst these areas, New Jersey, West Virginia, Connecticut with Texas, are projected to have a 1-2% value decline in property values. Texas shows several impacted areas, which can be partially attributed to depressed oil prices causing an outflow of jobs and population. This information gives us an important view of what is going on regionally and locally to help us understand these influencers.
If this is our worst news nationally, our country remains strong and our population continues to strive for home ownership and all the benefits it provides to our culture and economy! It was quite surprising to me that Connecticut and New Jersey were among these statistics. But I believe these are short-term problems for these states. They are stalwarts of employment, education and diversity and of course bedroom communities for those working in NYC.
When we have an opportunity to look at these broader strokes of statistical analysis it should help us gain perspective on our fortunate circumstances locally in the Greater Seattle area in regards to residential property values. With the New Year upon us, we can reflect more widely on how the interconnectedness of our country and its economy can lift us all to greater prosperity.
Please check out the VeroFORCAST for more information.