Following an exciting 2017 buying season, real estate trends point to a few changes on the horizon. What will 2018 have in store?
Changes Predicted for the 2018 Home Buying Season
Stay on your toes and be on the lookout for these changing real estate trends:
– Baby Boomers Finally Ready to Downsize
Baby boomers are finally letting go of larger traditional and colonial-style homes, and are ready to downsize in retirement. What are they looking for? A smaller footprint and single-story living, so they won’t have to navigate perilous stairways as they age. How does this translate into the market? Rising demand is expected to push up the prices of single-story dwellings.
– Millennials Compromising on the Suburbs
Though many millennials have their sights set on urban life and activity, millennial buyers, who could make up 43% of the home buying market by the close of 2018, are prioritizing affordability and quality of life – a shift which is pushing this segment out into the suburbs. Last year, the undeniable shortage of entry-level homes posed a huge hurdle for this group, the nation’s largest buyer segment.
– Post-Bubble Foreclosure Sufferers Re-Entering the Market
The more than 10-million Americans forced into foreclosure during the Great Recession have put in their 7-year, foreclosure law penance. Sick of renting and itching to re-enter the market, how many will become eligible in 2018? Around a whopping 1.5 million Americans according to the National Center for Policy Analysis, adding pressure to an already strained supply of home inventory.
Still a Seller’s Market
As buyer demand remains strong in the current year, home prices will continue to soar. This will continue to add to the stresses of first time buyers, foreclosure sufferers, and cash-strapped retirees, struggling with a lack of affordable home options and a dearth of down payment cash.
How will changing real estate trends effect your business? Stay in-the-know with the help of Properties Online.