2016 might not have ended the strongest when it comes to the housing market, but big things are in store for 2017! It's going to be both a buyer and seller market throughout the year! Check out Zillow's 6 predictions for 2017 - it's going to be a record year!
1. “Cities will focus on denser development of smaller homes close to public transit and urban centers.”
2. “More millennials will become homeowners, driving up the homeownership rate. Millennials are also more racially diverse, so more homeowners will be people of color, reflecting the changing demographics of the United States.”
3. “Rental affordability will improve as incomes rise and growth in rents slows.”
4. “Buyers of new homes will have to spend more as builders cover the cost of rising construction wages.”
5. “The percentage of people who drive to work will rise for the first time in a decade as homeowners move further into the suburbs seeking affordable housing — putting them further from adequate public transit options.”
6. “Home values will grow 3.6 percent in 2017, according to more than 100 economic and housing experts surveyed in the latest Zillow Home Price Expectations Survey. National home values have risen 4.8 percent so far in 2016.”
You can read the article in its entirety here: Zillow's 6 predictions for 2017