The Real Estate Trends to Look Out for in 2017Ink Well Mag November 18, 2016 0 COMMENTS
The current housing market predicts a favorable outcome for potential buyers. The healthy increase in market value this year was caused by stronger wage growth, lower gas prices, lower interest rates and millennials embracing the market.
If you’re planning to enter the market next year, here are some trends you should watch out for, cites Primary Residential Mortgage, Inc.
From Starter Homes to Move-Up Properties
Based on the National Association of Realtors (NAR), they expect more millennials to own their first home in 2017. They say that low-interest rates enabled them to settle their student debts and save for houses more than the real estate agents have predicted.
NAR reveals that within only six months, 37 percent of buyers below 35 years old were able to save for a deposit for a home. This younger generation will surely mark a new beginning for mortgage companies, especially in small communities like Towson.
The Suburban Lifestyle
Suburban neighborhoods now incorporate urban amenities that have an atmosphere where residents can play, work and live outside the center of the city. The real estate agents explain that this new environment is more than mixed-use.
A suburban lifestyle provides the perfect combination of urban and suburban environment. Residents will be able to enjoy pedestrian access to sport- and youth-friendly parks, as well as, entertainment and groceries. Just like in the city, they will be able to walk to their work and not worry about commuting or driving.
According to Bill Endsley of the International Real Estate Federation, they did not design a suburban community to be exclusive, but rather inclusive – making the environment affordable for janitors, police, firefighters and teachers.
The Use of Drones
The Federal Aviation Administration just allowed the use of drones, or unmanned aerial vehicles (UAVs). Several analysts predict that the real estate industry will most likely use this opportunity. A drone manufacturer reports that their company can provide a distinct perspective on a certain property that would lure in potential buyers.
The upcoming trends in the real estate market will help sustain the continual growth of the industry. The new environment, device for commercial use and potential generation buyers of hold the key to the upcoming year. Take note of these trends on your next house hunt.