According to Realtor.com’s Active Home Shopper Report, the 2017 home buying season may see a large increase in first-time homebuyers.
The report also indicates that there will be an increased demand for suburban homes. The bad news – buyers will also face greater affordability challenges. The study, based on September survey data of active shoppers on Realtor.com, analyzes responses from consumers who intend to purchase homes in the spring or summer of 2017. The biggest market inhibitor currently is limited inventory, but next year’s biggest challenge could be affordability and buyer hurdles with down payments and credit scores. Nevertheless, the report predicts that first-time buyers could be the majority of all homebuyers next year, with millennials leading the pack. Key property attributes that prospective buyers are prioritizing are no surprise. Buyers want safe neighborhoods, more living space, and sound financial investments. The prediction for the coming year is that they’ll be looking for those features in the suburbs.
This article originally appeared in the December 2016 issue of the REAL Trends Newsletter is reprinted with permission of REAL Trends, Inc. Copyright 2016.