According to the National Association of Realtors® (NAR), existing-home sales in 2017 are predicted to increase to 5.46 million. Sales were 5.36 million in 2016.
More millennials entering their prime homebuying years, rising household formation, and continued job gains are expected to be the cause of the increase.
Lawrence Yun, chief economist of the NAR, mentioned: “NAR surveys from both current renters and recent buyers prove that there’s an overwhelmingly strong desire among the younger generation to own a home of their own.”
High demand areas such as the Lochmere neighborhood in Cary, NC, will continue to have a shortage of inventory making now an opportune time to sell!