As an agent, it’s important to understand current market conditions, as well as the needs of buyers and sellers. Tech platform Contactually put together a list of the top real estate facts you should know as you head into the 2017 spring real estate market. They'll empower you and your clients (so share them!).
- Millennials will make up 33% of home buyers. Get your tech on, because these savvy buyers want accurate info fast.
- 17% of under 35-year-olds saved for a down payment in 2016. These aren’t adult kids loafing in basements. They’re young professionals with real buying power. #respect
- 80% of residential growth will happen in suburban markets. Building permits are on the rise, with the majority in the ‘burbs. New construction is one way to guarantee a buyer won’t be outbid.
- The US economy is expected to grow 2% (average) through 2018. A strong economy means better buying power, despite expected rate increases.
- 62% of new and existing homes were considered affordable in 2016. Despite low inventory gloom and doom, the facts show there are still affordable homes available.
- Mortgage rates are expected to rise, but not over 5%. The relative difference in mortgage payments won’t be significant enough to stop determined home buyers.
- Home prices and appreciation are expected to slow to 3.9% (down from 4.9% in 2016. This will bring more affordability to the market, and may actually motivate sellers worried they won't be able to buy another house.
- Renting is expected to increase past 2016’s 2.3%. That’s good news for investors looking for rental income.
- 84% of buyers will use an online search. It’s becoming the standard for the first step to buying, so align yourself with a solid technology-based brokerage.
- 89% of Millennials, 87% of Gen X buyers, and 85% of Younger Boomers purchased their home through an agent in 2016. Tech doesn't replace personal relationships. Home buyers and sellers still want personalized service and the protection of an agent.
- 13% of home buyers purchased a multi-generational home in 2016. Expect this trend to grow because of younger Millennials and elderly parents moving in with the "Sandwich Generation" aka Boomers.
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This story first appeared in The Home Front.
