Zillow has provided us with their comprehensive breakdown of what we can expect when it comes to home buying and sales. For this upcoming year, we can anticipate that the market will continue to show growth Nationwide. However, 2018’s predicted course will be in the hands of home builders.
Low inventory is not ideal for new home owners, as there will be slim pickings. Those just starting out may struggle to find their perfect fit. According to Zillow, there are approximately 12% fewer homes to choose from than 2017. First time home buyers will be at the bottom of the food chain when it comes to competition for homes.
With 51% of for-sale homes being in the top 1/3 of home values (leaving first timers to their own devices), there will be a large focus on the construction of entry-level homes. This will help drive home prices down and inventory up, further enticing those saving for down payments to make their big moves in 2018.
I have seen far too many articles mentioning that Millennials are in no way looking for homes. However, finding a place to call home within an urban area is harder (and more expensive) to actually execute- without the help from parents, that is. Those in the range of 25-30 years old will be starting to broaden their options this year. Hello reality!
Home Owners in 2018 will be looking towards remodeling as opposed to selling. This certainly does not help our low inventory issues, however the Buyer market is expected to be a hot one nonetheless!
With the addition of Millennials in our market, we can expect to see some bright, new Home Design Trends. In order to appease the diversity of the Real Estate Market, home designs and construction will come with many more spacious rooms and much more room for customization in the long run.
2017 has been referred to as record-breaking and unstoppable. Showing no signs of stopping, 2018 will continue it’s course of growth, however at a much slower pace.
Stay tuned for our Top 5 Reasons to Buy or Sell a Home in 2018!
To be directed to the Zillow Article, Click Here.
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