2017 Real Estate trends include a new term for the suburbs, the use of drone photography, millennials entering the market in full force, and more!
- The term “surban” will be used to describe suburbs that are beginning to incorporate urban features such as being able to live and work in one area with walking access to restaurants, shops, etc. A good example of a “surban” is Oak Park, IL with it’s abundance of urban style living within a suburb.
- The rise of drone photography: Although drones were popular in 2016, the drone game is about to change in 2017. The commercial use of drones has been approved for 2017 by the Federal Aviation Administration which means we are likely to see an increase in drone photography for real estate. Homes that sit on an acre or more of property or homes that have a unique surrounding are good candidates for drone photography. This different form of photography gives buyers a special perspective on homes and can be very beneficial to sellers.
- Generation Z: Although the Millennial Generation is in the spotlight right now, keep an eye out for Generation Z. Part of this generation is going to turn 18 in 2017 and may be entering the real estate market before you think. They are growing up in an economy with improved job opportunities and lower interest rates than the previous generation and they value home ownership. According to the National Association of Realtors, a vast majority of Generation Z would like to own a home. They will be the generation to watch when it comes to the real estate market.
- Millennials: We will see even more Millennials entering the housing market in 2017 and they won’t just be looking for starter homes. According to the National Association of Realtors, 17% of home buyers ages 35 and under were able to save enough money for a down payment on a home in 2016 and often times more than just a starter home was purchased thanks to student debt being paid down and an improved economy. Look for Millennials to continue entering the real estate market with strong buying power.