7 Real Estate Trends to Watch in 2017
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When you are someone that is looking to buy a home or get into the real estate market in some other way, you will find that there are a lot of things that you need to do to make the whole thing work. At http://www.skyfiveproperties.com/developer-services, they want to help you keep up with the real estate trends that are out there so that you know what decisions that you need to make. Here are 7 trends to watch in 2017.
- Variety is the spice of life. There are a lot more choices in the world of real estate. Whether someone wants to build a home or buy one straight out, they can find that there are a lot of properties for sale and ready for people to snatch them up.
- Mortgages may be easier to get. Lending rules are getting a lot more lax as time goes on, mainly because people are getting their debt under control and can afford to get a little more for the things that they are trying to do. So, it may be a lot easier for people to get their hands on the mortgages that they need to buy a home.
- Watch for Rising Rates. The Fed has not been raising the mortgage interest rates in recent years due to the recession in 2007-2008. That being said, since it’s been over a decade since their last hike, it’s likely time for that to happen. Fortune believes that it shouldn’t be more than 4.3 if you have a 30 year mortgage.
- The home building and business building markets may come back to life. For a long time, people were not building homes or businesses because they felt it was more affordable to just buy something that had already been built and renovate it. Now that people have more stability and more disposable income, it’s likely that there are a lot more people who are ready to take the plunge and get their home built.
- Drones as a regular part of home selling. We all know that the internet is a big part of selling homes and other property, but Market Watch believes that drones are going to be used to make videos and to give people a “bird’s eye” view of the properties that they are considering.
- Millennials May Finally Buy Homes. This is the boom that real estate has been waiting for. Until now, millennials could not get mortgages and they couldn’t afford to buy homes. But, as more of them get their footing, it’s becoming a lot more likely that they are going to be able to buy homes.
- Small and medium cities may have more options. People aren’t as likely to live in big cities like New York and San Francisco, mainly because of the high cost of living. So, many more people are moving to small and medium cities throughout the country, which allows them to have more options when it comes to housing those who may want to live there.