Top Projected Home Buying Trends of 2017
An improving economy is expected to make it easier for buyers to secure financing, with more people gainfully employed and qualifying for mortgages. Sites like Realtor.com and Iman.com are predicting that a growing number of first time home buyers will get into the real estate market this year, with strong demand for single family homes and townhouses. The sites also predict that the increased demand for homes will prompt builders to ramp up construction. In other words, a solid real estate market could get even stronger and healthier this year. For both buyers and builders, here are some projected trends for 2017 to keep in mind as the new year begins.
First Time Buyers Will Get A Break
This year, the number of first time home buyers in the market is expected to double, with a fast-growing percentage of buyers under the age of 35 getting into the market, as detailed in an article by The Fiscal Times. An improving economy is also expected to ensure that more buyers under the age of 35 will find it easier to get qualified for mortgages.
Demand vs. supply
As demand rises, developers are expected to ramp up construction to provide a healthy supply of new homes. It’s expected that single family homes and townhouses will be the top choice for new buyers. Iman.com is projecting that spring and summer will continue to be the peak times for buying a home this year. Realtor.com predicts that as the oldest millennials get into their mid-30s, they will want to settle down and buy houses, and they are also reaching the age when they want to get married and have children – strong motivators in the push to jump from rentals to home buying. The economy is creating more jobs for 25- to 34-year-olds than any other age group, which will also help fuel this trend. It won’t just be first-time homebuyers in the market this year, Realtor.com noted. They project that a growing number of baby boomers, now entering their late 60s, will be looking for retirement homes. More home buyers are expected to look to the suburbs for a home, as prices rise in cities.
At AV Homes, we are prepared to take on all 2017’s biggest home buying trends. We know the excitement young families experience as they start looking for their first home, and we understand that baby boomers want a great active adult community in their retirement years. From single-family homes to our award-winning 55+ communities, AV Homes is ready to turn every home buyers’ dream into a reality this year. Click here to learn more!