El Cajon Housing 2017
The housing market is improving and in some areas, even back to pre-crisis levels. Now, one expert explains that the only thing to fear in 2017’s housing market is, well, fear itself.
During the past few weeks, the housing market saw an increase in existing home sales at the highest pace since 2007, a decrease in foreclosures and yet more jobs added in an already-full jobs market.
Because of these numbers, one expert, OwnAmerica CEO Greg Rand, explained that there is nothing to fear headed into 2017. The exception, he stated, was that the change in administration is causing some consumers to hold off on making decisions related to home ownership, purchasing and investing.
“I’d have to say that disruption from Washington is the only thing that I could see on the horizon,” Rand said in an interview with HousingWire.
Rand also mentioned the Home Price Perception Index from Quicken Loans, which showed a gap of 1.33% between homeowners estimates of their home value and the appraised price. According to Rand, “When appraisers and homeowners are within two percentage points of agreement on value, that is amazingly good.”
Rand explained that the housing market is behaving normally, and that the market can expect to continue to see these numbers.
Rand joins many other experts in claiming 2017 will be a great year for housing.
“The biggest risk that we have is that somehow people begin to be convinced that the housing market is heading into negative territory when it’s not,” he said.