The economy

What do you think will happen in the U.S. economy over the next year?

John Gormley, Mainstreet Organization of Realtors (MORe): The stock market has been doing really well lately, to state the obvious. Business and individuals’ portfolios are seeing strong returns and 401ks are growing again. Consumer spending seems to be up this holiday season, an indication of consumer confidence and job stability. Interest rates have stayed low throughout 2017, despite what many thought would happen. All of these are strong positives. I do think we’ll see a market correction next year; you can’t ride the bull forever. As a result, we’ll see folks returning to real estate as an investment strategy. And more people buying homes, only they won’t necessarily follow old patterns. Smaller is now better for many, and lifestyle factors will play a bigger role — where the home is located related to buyers’ recreational pursuits and interests. Condo living, a smaller footprint, less maintenance and upkeep, and a desire for the simple life are becoming more attractive whether you’re a baby boomer, millennial or somewhere in between.

Sheena Baker, Women’s Council of Realtors: I believe that this will be different for many states and many cities. In my marketplace, although home prices are increasing, I believe the market will remain stable and affordable. This is based on my experience as a first-time buyer’s and seller’s agent.

Rebecca Thomson, Chicago Association of Realtors: I am cautiously optimistic that economic growth will continue. Wall Street is booming and we’ve been enjoying a steady upward climb. That being said, there are issues, both abroad and domestic, that threaten to curtail this growth. We will need to monitor their impact closely.