Real estate is always changing. The demands of potential buyers adapt all the time, and so must sellers, investors, and developers. In 2017, there are some interesting real estate trends emerging, which you may not have noticed quite yet.
All over America, homeowners are caring more about the environment and taking steps to become more environmentally friendly. The threat of serious climate change is changing the house market, and more buyers are interested in what they can do to become more eco-friendly at home.
In Florida alone, $413 billion of properties could be at risk in the year 2100, owing to the possibility of further rising sea levels. This means that Florida homeowners are concerned about doing everything they can to reduce their carbon footprint.
The figures come from a Zillow study, which also found that 1.9 million homes in America, which are worth a combined $882 billion, could potentially be underwater by the year 2100.
In response to this, more houses are being made available with solar panels and other environmentally friendly technology. If you’re buying a home, this might be something you wish to consider. If you are selling a home, perhaps installing energy efficient heating, plumbing and energy systems could help you sell the property for the best price.
Suburbia is Growing
Over the coming years and decades, suburban housing markets are expected to both maintain their relevance, and grow significantly. Through 2017 and beyond, suburban properties will remain popular, as a result of America remaining a predominantly suburban nation. In fact, the 50 largest metropolitan areas in America account for 79% of the overall population, and 32% of land usage.
The average age range of suburban homeowners is, perhaps surprisingly, between 25 and 35, according to statistics released by the ULI Terwiliger Center for Housing in November 2016. With Generation Z becoming adults soon, too, the real estate industry is beginning to cater for younger people who want more space and more modern features and amenities.
Generation Z is expected to come of age enjoying improved job prospects, lower interest rates and even higher wages. The real estate industry will begin adapting by incorporating the modern technology mentioned previously, as well as building properties with more space and more modern amenities and features.
Augmented and Virtual Reality
In 2017, augmented and virtual reality will begin playing more of a part in the real estate industry. Currently, technology allows us to map a property inside and out, creating a 3D environment that people can explore from their computer, tablet or smartphone from anywhere in the world.
The technology has actually been widely available since 2012, but only now do we see more people making us of it. Augmented reality and 3D videos are shared on social media platforms like Facebook, and has even been incorporated into Beycome’s online offerings.
With Beycome, you can create a virtual tour experience for your property. By visually mapping your home and garden, you can give people the opportunity to experience what you are selling, at any time or place that suits them. This is particularly useful in the summertime, when many potential home buyers struggle to make time to visit your property during the day, owing to children being on their summer break.
Millennials Purchasing Larger Homes
Millennials are expected to begin buying their first homes in 2017, and for this generation, the start-up home might not be their first purchase.
In fact, owing to low interest rates, and the fact that 37% of buyers under 35 now say that they are able to save enough for a down payment in under six months (according to the National Association of Realtors), millennials could be buying surprisingly large homes.
The NAR said that in 2016, buyers under the age of 35 were finding it easier to save for deposits than they have in many years. For this reason, the real estate industry will begin to adapt to selling larger homes to younger people.