The 2017 real estate market has some surprises in store as buying and selling might go high tech, and the mortgage market remains stable.
Here are some of the predictions by market experts for the new year.
Drones
Daniel Goldstein, writing for Market Watch, expects real estate buying and selling to go high tech as drones become a feature of the selling process.
Drones aren't just for kids; they are for home buyers and sellers, too. It's a new way to inspect and show off a house for sale.
The Federal Aviation Administration has cleared the way for expanded use of drones by regular people who just want a view from the sky.
That means you could get a small drone and offer a sky view of your property or neighborhood. In fact, drone views are predicted to be the next thing in home selling.
Meanwhile, commercial drone pilots want to offer a view from the sky of expensive real estate, but FAA regulations have made much drone work illegal. Now, the FAA has lightened some requirement, especially one that required drone pilots to have a manned pilot license. New regulations allow commercial drone pilots to pass an unmanned aircraft operator test.
According to MarketWatch, the use of drones in real estate now resides in the hands of homeowners and real estate agents who can legally offer sight-line aerial views of properties.
More homes to buy
For all of 2016, the real estate market favored sellers as low supply raised prices slightly.
During the next year, buyers should have more choices for homes.
An early indicator is an 8 percent rise in new homes completed and ready for sale in October 2016.
Most analysts see a brisk year for home building. This should make buyers happy since they will have more homes to choose from and prices should nudge down slightly.
Mortgage rates
One can't really say mortgage rates are inching up. That would be an overstatement. But rates are higher, as every analyst predicted. Even so, rates remain a fantastic deal and are historically low.
According to Bankrate, the 30-year fixed rate mortgage rose in December 2016 to 4.13 percent from 4.1 percent.
Bankrate's survey found: At the current 30-year fixed rate, you'll pay $484.94 for every $100,000 you borrow, up from $483.20 earlier in December 2016.
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