Orlando, FL -- (SBWIRE) -- 01/23/2018 -- Freddie Mac and Zillow Chief Economists have forecast that the nationwide inventory shortage present throughout 2017, will also define the 2018 housing market. Inventory shortages and slow building growth being the primary drivers of home price growth.
2017 marked record-breaking home price growth across the nation. In 2018, home prices are expected to continue to grow, but at a slower pace than the previous year. Nationwide, there are 12% fewer homes on the market for homebuyers to choose from than there were a year ago.
The impact of inventory shortage is most visible in the nation's Fastest Growing Top 100 Markets, such as Orlando, Florida, where "the overall inventory of homes available for purchase in October decreased by 15.6% from a year ago," shared Nicholas Wild, Broker/Owner of Gate Properties & Management, Inc., an Orlando-based real estate firm.
"We have investors and homebuyers from around the world looking for properties to buy in Orlando, as well as long-time customers who want to sell their home, but won't take the risk until they find something desirable to move into. The inventory just isn't there, so we have had to think outside-the-box and focus on matchmaking of sorts, with off-market deals," Nicholas Wild said.
Though the percentages released by Chief Economists vary by .08 percent on the pace home prices are expected to climb in 2018, predictions fall between 4.1% (Zillow)and 4.9% (Freddie Mac) --- each slower than the current annual pace of 6.9 percent.
About Gate Properties & Management, Inc.
Gate Properties & Management, Inc. is a full-service Orlando Real Estate brokerage. The firm specializes in investment properties, short sales, luxury home marketing, and property management in Orange, Seminole, Osceola, Polk and Lake Counties.
For more info, contact 407-704-7904.