An accomplished entrepreneur, Lew McGinnis has built businesses in a wide range of industries, including everything from selling eggs to running an automotive dealership. Lew McGinnis currently owns and operates a large real estate investment firm in Nicholls Hill, Oklahoma.
Breaking down the economy from 2016 and its potential in 2017, some analysts anticipate that real estate could serve as the driving force for growth across the board. Here are a few ways the property market may play out this year.
1. Gradually rising prices
In 2016, housing prices increased consistently on a monthly basis. That trend should continue, but at a much slower pace in 2017. This slowing will be due in part to higher interest rates set by the Federal Reserve, which may adjust rates again this year.
2. Increasing housing supply
Along with the prices going up, the supply of homes should increase as a result of improving homebuilder sentiment. Easier access to credit has helped fuel this shift, which comes in contrast to the trend of last year, when inventory was on the decline.
3. Growth of medium-sized cities
With the economy introducing new jobs, building in many of the major cities has failed to keep up with the pace of growth. The response of builders and homebuyers has placed a new focus on smaller properties, and similar activity should pick up even further in 2017.