Here are the things to watch out for I n 2017 real estate
- Millennials want to move-up property
More millennials will be expected to buy their first homes in 2017.most of them have saved up enough to go for something better than condo units and starter homes. With the markets doing so well and interest rates as low as they are, most millennials having finished their student debts and built up their finances, they will be able to buy more homes than the real estate agents think. 37% of the buyers below 35 have admitted to being able to raise their down payments within six months. With student educational loans been a major setback most who are done will be able to purchase homes this month
- Donald trump will change the real estate market.
With Donald Trump, a real estate magnate, winning the 2016 November election there will be a lot of changes. Sharga sees his presidency will have a good effect on housing and mortgage markets in the long term. As a results home buying should remain strong in 2017. He then goes ahead and says “he seems committed to bringing regulatory relief and certainty to the financial service industry, which should make credit more available to average home buyers who have been locked out of the market by todays extra ordinary tight credit standards.”
- Start thinking about generation Z (teenagers)
Millenials right now are the headlines but soon the generation Z-ers will be reaching 18 in 2017. This means they will start buying their homes soon. The teenagers come at an era with low interest rates, better jobs prospectors and high wages that cushion the high cost of college education. The generation also been brought up to value home ownership more compared to millenials upbringing. In fact 97% of the generation group want to a home as soon as they can afford it.
- Upcoming surbans only
Most existing surburban neighbourhoods are now adding urban amenities so that they can get an environment where they can play work and live. Surban are designed to be inclusive rather than exclusive. Hence they will be affordable for every average earning American. This includes teachers, police, plumber janitors etc. If the 2016 trend of suburban development continue there will be increased pollution and traffic congestion. That is why there will be development of surbans only.