When it comes to the real estate market in Madison, most people would say it has been a good year filled with numerous benefits and various sales. Ask any real estate agent about the upcoming year and you may get some questions. Will the new president make a difference in the market? Will the Federal Reserve make changes that will impact the cost of mortgages and that may influence the market? Are there concerns about another housing boom? There is a lot to think about and plan for if you are in the market today. What can you expect in Madison for 2017?
One thing many expect is for the local economy in Madison and Huntsville to continue to grow. This is one of the most important components to the real estate market here. In short, Madison is likely to maintain its strong job growth and that means more people wanting to move into the area to take advantage of these opportunities. This is good news for the real estate market – it means more competition for homes driving home values up.
Loans Are Affordable
Madison is known for being an affordable place to buy a home. The good news is that is likely to continue going forward. At the heart of this is the mortgage industry. Even if the Fed moves interest rates up, it is likely to be a small amount and the impact on the mortgage industry is likely to be minimal in the coming year. If you plan to buy a home, you may pay a bit more for a loan in 2017 than you did for the same Madison home in 2016, but it is not expected that these home rates will be too high or out of reach of today’s home buyer.
When it comes down to it, we don’t know what 2017 will bring, but we do know that having the best team by your side makes all of the difference.