2016 Results

  • The FAA put final rules an regulations on owning and operating drones (UAS) for commercial and personal use.
  • The Average Value of a Single-Family Home in Burbank in 2016 was $802,635, which was a rise of 7.7% from 2015 $745,075.
  • Millennials, Foreign investors (mostly from china and japan), and baby boomers were the majority of buyers for 2016 and will continue to buy in 2017.
  • The Interest rates slowly dropped in 2016 from 3.98 in January 2016 to 3.62 as of October, then rates rose to 4.35 in December 2016.
  • Unemployment in California has dropped .6% from 2015 making the unemployment rate in California 5.3% as of December 2016. The Unemployment rates have been dropping since they were 12.2% in 2010.

2017 Predictions

  • Zillow predicts 2017 will mark a new stage of the post-recession housing recovery and the company expects recent trends to reverse course next year. Zillow also anticipates continued but slowed home price growth (3.6 percent over the year), decelerated rent prices, homeowners seeking affordable housing further from urban centers, and an increased home ownership rate driven by millennial buyers.
  • Millennials and boomers will move markets. In 2017, the U.S. real estate market will be in the middle of two massive demographic waves that will power demand for at least the next 10 years. Millennials and baby boomers, the two largest American generations in history, are both approaching life stages that typically motivate people to buy a home: marriage, having children, retirement, and becoming empty nesters.
  • The West will lead the way. We’re expecting metropolitan markets in the West will see a price increase of 5.8% and sales increase of 4.7%, much higher than the U.S. overall. These markets also dominate the ranking of the realtor.com 2017 top housing markets ,making up five of the top markets for 2017: Los Angeles, Sacramento, and Riverside in California; Tucson, AZ; and Portland, OR.
  • “The Federal Reserve expects to raise short-term interest rates several times a year until 2019, which should allow rates to reach a sustainable rate of about 3%, Chairwoman Janet Yellen said Wednesday.”

^ Citation http://www.pionline.com/article/20170118/ONLINE/17…