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27
Preview: What to Expect in 2017
When the air starts turning cold, we begin to think about the new year. What are our goals? What will be different about 2017? According to Realtor.com, some major things will change when it comes to buying a home. Realtor.com released a forecast for the 2017 buying season, and it looks promising for suburban neighborhoods. First-time homebuyers will dramatically increase, and affordability concerns are still on everyone's minds. First up, the summary of the surveys showed an increase of 19% of potential first-time homebuyers in 2017. The surveys in 2015 reported 33% of buyers in 2016 would be first-time, and this year that number increased to over 50%. The preference of housing chosen by first-time homebuyers reflects their concern for budgets, as they prefer townhouses 39% of the time compared to 25% of the overall population. While budget concerns mainly affect first-time homebuyers, we are going to see a wider age range for this demographic. Older millennials age 25 to 34 account for 33% of active home shoppers, and 32% of them report not having the necessary funds for a down payment. We begin to see a shift in priorities to safety and family needs in Generation X, and that is where the high demand for suburban neighborhoods comes from. 50% of all respondents identified suburban areas as their preferred location, and first-time homebuyers actually identified the suburbs as their number one choice as well. While Realtor.com's surveys are taken on a national basis, the same priorities are true on a local level. We are seeing a lack of inventory in affordable homes, because that is the highest priority for buyers in our regions. If your home is under $300,000, this is the perfect time to sell. A Ruhl&Ruhl Realtor can answer any questions you have about the selling or buying process! Find one today at ruhlhomes.com/agents or contact us at 866-441-1776.
