Happy Holidays Pittsburgh!
We hope that all of you had a fantastic holiday season with your family and friends. Even more, we hope you enjoy a prosperous and fulfilling New Year in 2017! With a new US President moving into the White House in 2017, it’s a little unclear what the future will hold for the national real estate market. However, there are experts from sources like Zillow and Realtor.com that were interviewed in a recent CBS article that have some valuable predictions you might want to consider if you are thinking about buying or selling a home in 2017.
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Increase in Millennials & Baby Boomer Buyers
According to our National and Pittsburgh Real Estate Predictions For 2016 from last year, Millennials were predicted to be the largest group of homebuyers for 2016. They are predicted to be a large group for 2017 because many of the older group of them are settling down and having families. Millennials are also starting to see better job prospects and therefore interested in settling down near their workplace.
Baby Boomers are a bit of a surprise, according to CBSnews.com, but they are expected to be a big group of buyers for two main reasons:
- “Downsizing to control expenses.”
- “Others move to the biggest house they’ve ever owned because they’ve got children and grandchildren and then want those people to come visit.”
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Increase in Home Values, Slowly
Slowly but surely the housing market is normalizing! This can be seen by the fact that home values are expected to rise approximately 3.6% in 2017. While this is a slight decrease from the 4.8% rise in 2016, it’s still a steady return to normalcy.
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Increase in Suburban Buyers
Home values are expected to rise but home prices are also expected to rise, especially in the cities. Cities may have been more affordable than the suburbs a few years ago but that’s all about to change in 2017. With this change most prospective buyers want to live close to the city but also close to amenities and have a walkable neighborhood and a suburb is a perfect solution for that.
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Increase in New Construction Home Prices
In our 2016 Real Estate Predictions the new construction category in general was expected to rise. For 2017, it’s the cost of new construction. This prediction is the result of a number of factors including:
- Labor shortages
- Immigrants Deportation (a promise made by president-elect Donald Trump)
With so many great predictions for the 2017 real estate market why wouldn’t you want to buy a new home? Start 2017 off fresh in a new place! We have tons of great homes in the suburbs, and for Millennials and Baby Boomers alike!
Get A New Home For The New Year!
Whether you are planning to buy a new home or sell a home in 2017, we’re here to help! We have a team of buyers specialist and administrative assistants that will make the moving process a smooth one for you, so don’t hesitate to contact us to get the moving process started!
Until Next Time,
Jim
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