5 Trends Impacting the Housing Market in 2017

by crblog - April 13th, 2017.
Filed under: Market Watch, New Homes. Tagged as: , , .

housing market

The housing market is in a constant state of change. Thankfully, 2017 has been shaping up to be great year for homebuyers. We’ve started to notice a few recent trends and to make sure you stay in the loop; Craig Ranch in McKinney, TX is sharing the top 5 trends that have impacted the housing market so far this year.

1. Mortgage Rates Increasing

While this may seem like a negative trend, it isn’t as bad as you may think! Over the past few years, mortgage rates have hit record lows, so a natural increase was expected for 2017. Even though there will be a slight increase, it’s expected to stay within the 4 percent range, which is still considerably better than the average mortgage rate in 2007 of 6.5 percent or historic highs over 15% a few decades ago!

2. More Credit

So mortgage rates may rise a bit, but that’s okay because we’re also seeing slightly looser lending standards, which means that mortgage credit is becoming more widely available! There are also large government-owned mortgage companies that have started to back larger mortgages for buyers in more expensive markets.

3. More New Homes

We’re still seeing a continual boom in new homes, like the ones in our master-planned community, and they can’t seem to be built fast enough! Craig Ranch has dozens of beautiful new homes available right now, and we’re always adding more to the list. Just see our full inventory for yourself!

4. Continual Rise of Medium-Size Cities

McKinney, Texas and other mid-size cities are still on the rise as more and more people flock to the DFW Metroplex for its high-paying jobs and affordable housing. That’s why Craig Ranch in McKinney, TX is ideal for families looking to relocate due to a career-related change.

5. Younger First-Time Homebuyers

For a long time now, the housing industry was seeing younger couples renting for longer and holding off on actually purchasing a home. However, with the culmination of the first 4 trends, we’re really starting to see more first-time homebuyers back in the market.

While the housing market may constantly be changing a little bit here and there, it’s fairly safe to say that 2017 is an excellent year to buy a home! You can easily find your new dream home at Craig Ranch in McKinney, TX. All you have to do is contact us, and come take a tour of our master-planned community.

Image from Thinkstock by Getty Images. Item number: 532334798

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