2017 is already shaping up to be huge for the real estate business. With home flipping already going mainstream in 2016, many developments are on the way that could completely reshape the real estate market and change the way properties are bought and sold 2017. In this article, we’re going to touch on three red hot real estate trends to watch for 2017.
The use of UAVs (unmanned aerial vehicles) has recently been cleared by the federal aviation administration and should have a direct impact on the real estate business. The use of drones for video making purposes will change how the real estate business operates in 2017. Many realtors have already started to use flyover videos to promote bigger lots. While flyover videos used to be very expensive, drones have democratized the practice and we can expect many more realtors to use drone technology in 2017.
The Rise of “Surban” Areas
“Surban” areas represent the fusion of more densely populated areas within suburbia. While suburban areas will still be prone to sprawling, there has been a recent trend of suburban areas integrating spaces where people can live, work and play, without having to commute to the city. This is a trend that should continue to grow as more companies are moving their headquarters outside of big city centers.
Millennials Should Be a Force in 2017
Contrarily to what many people might believe, millennials are looking for much more than a starter home these days. As a matter of fact, millennials paying off their student loans might have more money than expected to buy their first house. As a matter of fact, according to statistics, 17% of all people 35 and under now have enough money to buy a first home, compared to 14% of all other groups. This could have a direct incidence on the real estate market. According to statistics from Success Path, over 30% of people have a tendency to overspend on their homes. However, many millennials tend to be particularly cautious having witnessed the subprime mortgage crisis first hand.
Not only that, but generation Z will soon be in a position to buy their first homes very soon, with the first set of gen Z’ers reaching their 18th birthday this year. They will benefit from better job prospects and higher pay, which will allow them to make their mark on the real estate market very soon. As a matter of fact, 97% of all gen Z’ers expressed their desire to buy a home, and they might very well have the means to do so sooner than we expect.
The real estate market is set to go through profound changes in 2017. Between the use of drones, the rise of Surban real estate and the apparition of the first set of millennials and gen Z’ers in the market, the real estate landscape should experience a pretty significant transformation in 2017, and for the better.