2017 is projected to be a very tight real estate market.
According to experts, home prices are expected to keep rising, 3.5% in 2017 compared with 4.5% this year, so the increases will slow down a bit.
This year, small homes have seen much sharper price growth than larger homes, urban areas have appreciated faster than suburbs. Both trends are expected to continue next year. The inventory will continue to be tight especially in the lower price range properties.
If you're considering to move up to a larger home, the first part of next year should be a good time to make a move. However, if you are planning to cash out or downsize you will face a tight market with low inventory of homes and fierce competition from other buyers. Same scenario is will apply to first time buyers.
Home prices hit new all time highs in September 2016. Prices rose 5.5% nationwide and 5.9% in Los Angeles area. Price increases have been even sharper in our area - South Bay real estate, especially beach cities and Torrance real estate.
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