Now that the year 2016 is in the past for Weston real estate owners, both buyers and sellers are feeling optimistic towards 2017. After all, no one with a Weston home for sale is sure what president-elect Donald Trump will bring to the Weston real estate industry.

One thing is for certain, the Donald certainly knows the business, as that’s where he built his empire. Americans can expect little to change when it comes to buying and selling Weston luxury homes, as the market has been doing quite well throughout the previous year.

You can predict the cost of Weston real estate to rise. While that may not be ideal for those looking to purchase Weston real estate, it is fabulous news for homeowners. The market experienced a rise of more than 6 percent in 2016 alone. Experts expect homes to go up another 5 percent in the next 9 months. When it comes to homes for sale in Weston, you should assume prices to continually rise.

Not unlike the cost of homes for sale in Weston, Americans can expect mortgage rates to increase as well. In fact, mortgage companies think the rates will shoot up approximately 5 percent this year. That number may be even higher after Trump takes office. That means that if you want to refinance your home, you should do so sooner, rather than later. Hopefully, these rising rates will be equal to higher salaries.

In 2017, the number of folks paying cash for Weston real estate will go back to normal. On average in this country, roughly a quarter of homebuyers pay cash. Yet, more than 30 percent of real estate buyers have been paying cash for the last decade. Fortunately for Weston real estate buyers, there will be less cash buyers as competition to get the house of your dreams.

Plenty of Weston real estate will be purchased by foreign buyers. However, expect to see less and less of it over the next twelve months. Neither the Treasury Department nor Donald Trump will make it any easier for outsiders to buy property in the United States. The appreciated American dollar has pushed foreign buyers away from Weston real estate as well.

The Weston real estate market can also be sure that more millennials than ever to be purchasing homes. That means there will be several first-time buyers who have not yet built up their credit. As a result, their homes will be smaller than most of the homes purchased in the last decade. At the same time, Weston real estate buyers will be looking for faster access to highways to reach the larger metropolitan areas, such as Miami, Fort Lauderdale, and West Palm Beach, as opposed to secluded property.

There is some good news for the real estate market in 2017. Millennials who are starting new families, as well as other first-time buyers will feel more welcome on the real estate market. Whether it is a small house, a townhome or an apartment, buyers can look forward to better down payment options for mortgages throughout Broward County, along with the rest of the South Florida real estate market.

 

About Berkshire Hathaway HomeServices Florida Realty:

Berkshire Hathaway HomeServices Florida Realty has 42 locations serving 19 counties throughout Florida and approximately 1,800 sales professionals. The full-service brokerage, founded in 1999, is a wholly owned subsidiary of WCI Communities, Inc. To learn more about the best Weston real estate business, visit www.BHHSFloridaRealty.com today.

Florida Realty News
Florida Realty News
Berkshire Hathaway HomeServices Florida Realty, a wholly-owned subsidiary of WCI Communities, has over 39 locations and more than 1,650 real estate sales professionals and team members serving 17 counties throughout Florida.
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