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2018 Housing And Economic Outlook

2018 Housing and Economic Outlook

As we begin the year 2018 it is with a relatively optimistic view. While there are still many geo-political
unknowns and concerns, we are looking at a growing economy with no signs of slowing down. There
should be good news all around for the housing market even with the implementation of the new tax
code that will cap mortgage deductions for primary and secondary residences at $750k rather than the
old cap of $1mm. So what can we all look forward to with the new year? Well it depends on what side
of the transaction you plan to be on. ☺

The majority of the market believes that inventory shortages will continue to drive the market and thus
continue to push the prices of homes upward, but most likely at a slower pace than we have seen over
the last few years. This will create a continued tough time for first time home buyers to get into the
market. Luckily most builders have realized that there is a huge need for affordable housing for the
millennial generation who want to become home owners and we shall see the shift of builders catering
to this need. Most likely these homes will be built in suburban areas where land will be cheaper for the
builder pushing millennials out of the cities, but at least there will be some hope in sight for the dream
of owning a home can still become a reality.

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