There are several reasons to believe that the luxury real estate market will make strides in 2017.
- New Mortgage Options – 2017 brings new options for those seeking government-backed mortgages. Government-owned Fannie Mae and Freddie Mac will increase the ceiling for mortgages for the first time in more than a decade.
- International Interest – International buyers are very interested in luxury property in the States. Many of these buyers are motivated by the prospect of finding safe investments and are often seeking properties offered at affordable prices, a great return, and the possibility of long-term growth.
- Steady Growth – In the recent past, the luxury real estate market has shown consistent and steady growth. This growth is expected to continue in the next 12 month.
- Post-election Buying – Experts expect the market to pick up now that the election is over. According to many, this period of restoration has already begun. For example, just after the election, there was a huge spike in NYC real estate contracts.