Downward Construction Spending and Trading Up #realestate #news #homeownership

Downward Construction Spending Expected to Plateau
Source:  Forbes

Bad news for your favorite HGTV home renovation show.  Total construction spending, including renovations, on residential properties fell dramatically in 2016, according to U.S. Census Bureau data.

Early indicators do not show significant reacceleration in residential construction for first half of 2017.  The good news?  They don't suggest a major fall-off either; instead, data points to a general plateau.

Early 2017 is Time to Trade Up
Source:  Fortune

Buyers looking to trade up are in the housing market's sweet spot - and experts think the beginning of 2017 should be a particularly good time to strike.  Over the five years between 2011 and 2016, the average price on a two-bedroom house climbed 59% nationwide, while four-bedroom houses rose a more modest 41%, according to an analysis by Attom Data Solutions.  Inventory has also risen at the higher end of the market, climbing almost 8% for homes in the $500,000 to $750,000 range.

If you're in the reverse position - prepare yourself.  Inventory has tumbled among less expensive homes.  Small homes have seen much sharper price growth than larger ones, and uran areas have appreciated faster than metro outskirts.  Both trends are expected to continue in 2017.

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