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My Annual 10 Real Estate Predictions for the Coming Year


He has been a real estate broker for 36 years and has sold more than $350 million of residential and commercial real estate. He lives in Hamilton with his wife and business partner, Linda Morey. Contact them for your real estate needs or questions ...

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Last year was one of the most difficult to predict because of an election that was as unpredictable as the new president

This year is also challenging because of the new tax law that has just been passed

Despite the uncertainty of the effects of that new legislation… Here are my 10 Annual Real Estate Predictions for the Upcoming Year: 1

Tax reform legislation will be amended this year and Congress will give back many of the homeownership benefits taken away in the original bill

The National Association of Realtors (NAR) will need to use its political lobbying muscle to achieve this goal

2

Mortgage interest rates will be on the rise this year and inch up to 4.75% by year end

I was wrong on this one in 2017, but who wasn't? 3

The economy and the housing market will continue to grow

Job creation is at record levels, unemployment is at a 17-year low and wages are feeling upward pressure

4

Millennial buyers will be one of the biggest influencers in the U.S

housing market this year and they will start buying more expensive homes

They are getting older and further into their careers, enabling them to save more money and raise their credit profiles

5

In many areas demand will continue to exceed supply, but an increase in inventory will help take some heat off the market

Expect home prices to rise, but at a moderate and reasonable rate (5%)

6

Expect homebuilding to continue at a steady pace this year

Many builders will shift to less expensive homes and condominiums, providing new construction to a larger pool of buyers and, as a result, more and faster sales

7

Foreign investors will still find high-end American real estate appealing because of economic turbulence in their home countries

That section of the market is still primarily all cash – people buying up expensive properties because it's a safer investment here than in their own countries

8

Baby boomers will continue to move in 2018

A great many are continuing to downsize, moving to warmer climates or moving to be closer to their children or grandkids

9

2018 will be a great year for first-time homebuyers

With rents continuing to rise faster than incomes, many Millennials will be looking to buy homes of their own

10

On the commercial side, expect multifamily and industrial properties to experience positive growth

While speculative construction of big industrial space has returned, the problem is that there's only so much land where more can be built

Even so, the cost to own buildings compares favorably to leasing in many situations

Overall, improving economic factors will provide more people the needed income to buy

We are seeing positive job growth

Job growth creates housing growth

Housing growth means prospective buyers will be able to ditch renting in favor of buying

So, all in all, 2018 should be a good year..

at least partially dependent, of course, on the legal and political outcome of certain investigations and elections

But consequences resulting from those issues are not likely to influence the housing market until next year

I hope

Best wishes, Jay Jay Burnham is a Premier Associate at Coldwell Banker Residential Brokerage in Beverly

He is a past president of the North Shore Association of REALTORS and was previously the Association's REALTOR of the Year

He has been a real estate broker for 36 years and has sold more than $350 million of residential and commercial real estate

He lives in Hamilton with his wife and business partner, Linda Morey

Contact them for your real estate needs or questions, online at www.NorthShoreRealEstate.com, or call them direct at: 978-578-5590

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