From inventory shortages to western migration and video usage in real estate marketing, did these 2017 trends take the market as predicted?
- Millennials & Boomers Driving the Market
Millennials remain the largest group of home buyers (34%) for the fourth consecutive year. However, 85% of Boomers have no plans to sell in the next year, contributing to the lack of affordable homes on the market.
- A Slow Down in Price Appreciation
With inventory at 20-year low, and demand heavy, prices don’t appear to be slowing down, except in certain markets/neighborhoods where upward limits have weakened affordability. If mortgage rates continue moving on up, demand may slow with pricing/affordability, but they’re still higher than historical norms.
- Fewer Homes, Faster Sales
A record number of buyers and few affordable homes make this one of the fastest moving markets in decades. In May, 1-in-3 homes sold in under 30-days nationally, with a median listing time of 60-days.
- Shoppers Turn to Video
100% of home shoppers used the internet to research a specific home, with 86% of shoppers relying on video usage in real estate marketing to learn more about communities, and 70% of shoppers touring homes via video – some of which make the home purchase sight unseen!
- Popular Western Markets Top the Charts
The hottest markets in the country are currently:
- Vallejo, CA
- San Francisco, CA
- Boston, MA
- Sacramento, CA
- Kennewick, WA
- Colorado Springs, CO
- Columbus, OH
- Midland, TX
- San Jose, CA
- Stockton, CA
- The Midwest Moving to the Top of the Affordable Housing Market
Ranked on affordability by the U.S. Census. These cities, with populations of 1-million+, topped affordability charts:
- Rochester, NY
- Buffalo-Cheeektown-Niagara Falls, NY
- Pittsburg, PA
- Kansas City, MO
- Indianapolis-Carmel-Anderson, IN
- Grand Rapids-Wyoming, MI
- Houston-The Woodlands-Sugar Land, TX
- San Antonio-New Braunfels, TX
- Dallas-Arlington-Fort Worth, TX
- Oklahoma City, OK
Learn how video usage in real estate marketing can prove true for you in the upcoming year. Visit Properties Online today.