Over the years trends have shaped America for better or worse. There have been good trends (poodle skirts, leg warmers, and puka shells), and there have been bad trends (also: poodle skirts, leg warmers, and puka shells). Some we are not necessarily proud of, but others we remember with fondness because they helped shape us into who we are today. Regardless of your personal thoughts and feelings on each trend, you can’t deny their popularity and impact they made in history.
Here are three real estate trends that will impact the real estate industry in 2017.
Take Flight with Drones
We know what you’re thinking—drones? Really? How is a flying robot going to impact real estate?
Before you dismiss this thought, listen up—
Last year, some real estate agents began using drones to fly over properties and capture images for their clients.
Getting a birds-eye view of a property isn’t the only reason to use a drone, real estate agents can use the new technology to show buyers important parts of the neighborhood they are looking at, or interact with clients in new ways like broadcasting a property tour live on social media.
Additionally, trained home inspectors can use a drone to inspect the roof of the home, ensure that a chimney doesn’t have cracks, or even circle the house if access isn’t available. Once you learn all that drones can do, you will want to get one of your own.
Millennials Rule! … The Market
It looks like millennials are finally ready to grow up, and move out of their parent’s basement—plus, they now have money to buy. Many millennials are expected to buy their first home this year and many will have sizeable down payments to help.
Researchers are saying that more than half of U.S. homebuyers in 2017 will be under 36 years old, and many don’t want to settle for a starter home. They are in a better position financially after paying down student loans, saving money, and progressing in their career. Millennials are starting to think about marriage and children and want a home of their own to start this new stage of life. This generation might be all right after all.
The Market and Rates Begin Slowly Rising
Real estate professionals have already seen rates and market prices climb since last year and researchers predict that both will continue to rise slowly but steadily.
Those that missed out on last year’s all-time low rates don’t need to be kicking themselves for it, though. Rates are still historically low even with a forecasted increase this year. However, experts advise if looking to lock in at the lowest rate possible, do so earlier in the year.
Additionally, housing prices are expected to slowly increase in 2017 as well.
Experts predict a 3.6 percent increase in home prices, which may cause some buyers to look for more affordable housing options farther away from the city. But with buyer demand high, the market will remain strong and should see an increase in home sales.
Refer to your current local regulations regarding drones and drone licensing.