The New Year offers new possibilities for the real estate market. Although it is impossible to know exactly what will happen with housing in 2018, there are some trends that have been forecasted. The data team at Realtor.com® has come up with their predictions for next year. If you are looking to buy or sell a home in the Whittier area in 2018, keep these trends in mind as you enter the market!

 

1. Increased Inventory

The last 3 years have experienced low inventory in the housing market. This has been good news for sellers but has increased competition for buyers looking for their dream home. Although 2018 will likely start out slow, inventory is expected to increase by the fall, particularly through new construction and development.

 

2. Millennials Entering the Market

Compared to previous generations, millennials have been slower to enter the housing market. This is expected to change throughout 2018. As this generation gets older, their incomes are and desire to settle down are increasing. Data shows that millennials are having more success taking out mortgages. Realtor.com® is expecting millennials to make up 43% of home buyers by the end of 2018.

 

3. Tax Reform

The Tax Reform Bill has been passed. Learn more about the affects the Tax Reform Bill will have on real estate HERE, courtesy of the National Association of REALTORS®. California is one of the state's expected to see more of an impact as a result of the bill. Although it is unknown exactly how the bill will affect the market during 2018, it is an important consideration for all buyers and sellers to keep in mind throughout the year.

 

As 2018 progresses, The Domis Team will be there to help you navigate the market and keep you up to date on the year's real estate trends. Give us a call at (562) 884-5373 or visit our website at http://www.whittierhomes.com/.