Gazing into a crystal ball requires a leap of faith, but if you’re willing to take a look, you might find a few insightful nuggets that could help you and your clients make more informed decisions. Zillow’s predictions for 2017 include a change in course for the housing market as it continues to reflect the nation’s economic recovery.
Cities will get cozier
Smaller homes will crowd each other in new, denser developments, and they will be closer to public transit and urban centers. Knowing that square footage is off the table, your buyer clients might ask you to focus more onfinding homes with upscale features or green technology.
Millennials will move out of the nest
No surprise here if you’ve read theZillow Group Report on Consumer Housing Trends. In 2017, millennials will continue to drive up the homeownership rate by finally buying homes of their own. As millennials are the most racially diverse cohort, it also means more people of color will become homeowners. Your marketing efforts might include updated strategies toattract this new generation of buyers.
New construction buyers will pony up
Labor shortages in the construction industry — possibly compounded by the President-elect’s proposed immigration policy crackdown — have resulted in rising construction wages, which will be passed on to buyers who choose new construction homes. It will be vital tolet buyers know they can negotiatefor upgrade credits, floor plan options or reduced closing costs to recoup some value when they choose a new construction home.
Commuters will get comfortable
In their cars, that is. As homeowners move deeper into the suburbs — and farther away from viable public transportation — in search of affordable housing, the percentage of people who drive to work will increase. Althoughinventory remains low,farming local suburban homeownersmight help you drum up some listings.
Current homeowners will continue to prosper
National home values rose 4.8 percent between December 2015 and 2016, and the trend is likely to continue past the New Year’s celebrations. In 2017, Zillow predicts home values will grow 3.6 percent. It’s an opportunity tocheck in with homeownerswho might have been waiting for a better list price.
Author:Exit Realty Phone: 561-907-9299 Dated: February 2nd 2017 Views: 27 About Exit: ...
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