Top 5 Predictions for 2017

    According to Realtor.com’s Active Home Shopper Report, there will be an increased demand for suburban homes. They list some good news and bad news.

    Good: The percentage of first-time homebuyers could rise as high as 52% increasing from 33% in 2016.

    Bad: Greater affordability challenges. Down payments & credit score challenges.

    1. First time homebuyers could make up the majority of 2017 homebuyers.
      • Millennials lead the pack with 61% of potential homebuyers under the age of 35.
    2. Affordability and mortgage qualifying expected to replace lack of inventory as largest barrier to homeownership. Our fabulous lender, Jeff Haag of CMG Financial can help with all situations. Click HERE to connect with Jeff.
      • In 2016, 40% of home shoppers cited the lack of inventory but the shift will go to qualifying issues.
    3. Safe neighborhoods, more living space and larger yards top the list of key home attributes. Check out our community pages HERE.
      • A third objective is to make a financial investment that will grow over time.
        1. 39% Single family homes
        2. 34% Townhomes
        3. 15% Multi-family homes
        4. 10% Condos
        5. 2% Mobile Homes
    1. Competition for the suburbs should heat up.
      • 50% preferred suburbs as #1 location
    2. Spring & Summer will continue to be 2017’s hottest time to buy a house.
      • Recent survey shows plans to buy in 7 months or longer.

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