A new year always brings about change, and today I want to share the five major shifts predicted to take place in our housing market in 2017.
According to a recent study conducted by the National Association of Realtors, there are five huge shifts on the horizon in 2017 for the residential housing market:
1. First-time buyers will make up over half of the 2017 home buying population. While that percentage currently hovers around 33%, it’s expected to rise next year to 52%. It’s reported that 61% of these first-time buyers will be millennials.
2. Due to the emergence of this first-time buyers market, affordability andt mortgage qualification will replace lack of inventory as the biggest national issue preventing home ownership. Since the mortgage collapse, standards to obtain a mortgage have definitely become more stringent.
3. Safe neighborhoods, more living space, and large yards will be at the top of the list for key home attributes. Many people are moving from smaller spaces. 39% are planning to buy single-family homes, 32% are planning to move into a townhome, and only 10% are interested in condos.
“Despite the forecast, now is as good a time as any to sell.“
4. Competition in the suburbs will heat up. 50% of all expected home buyers cite the suburbs as their main choice for housing instead of a closer commute. If you’re a buyer looking to buy, we need to get started!
5. Spring and summer will still be the hottest times to sell. However, with nearly 30 years of experience, I can tell you that now is as good a time as any to sell. Think about it—in busy times, there will be even more competition from other homes on the market. Furthermore, buyers in the market now are far more motivated.
If you’re looking to make a real estate transaction in 2017 and beyond, we’d like to apply for the job of helping you do just that. Just give us a call or visit us on the web and we can get started. We look forward to hearing from you!