Gazing into a crystal ball requires a leap of faith, but if youre willing to take a look, you might find a few insightful nuggets that could help you make more informed decisions. Achange in course for the housing market as it continues to reflect the nations economic recovery is expected.
1. 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, the focus will be more on finding homes with upscale features or green technology.
2. Millennials will move out of the nest
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.
3. New construction buyers will pony up
Labor shortages in the construction industry have resulted in rising construction wages, which will be passed on to buyers who choose new construction homes. It's vital thatbuyers know they can negotiate for upgrade credits or floor plan options to recoup some value when they choose a new construction home.
4. 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.
5. 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 Years celebrations. In 2017, estimatedhome values will grow 3.6 percent.
Is now the time to buy, sell or invest? Contact Jonathan Hawkins today at (714) 625-5287.