Predictions for the 2017 Housing Market from Realtor.com
December 7, 2016
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.
You might also like…
Housing Market March Madness: How do Virginia’s College Towns Compare?
By Abel Opoku-Adjei - March 30, 2023
It’s March Madness, one of America’s most entertaining post-season tournaments! This year’s NCAA March Madness has been entirely unpredictable. There were zero perfect bracket predictions across the country… Read More
Virginia Home Prices Climb Despite Slowing Sales
By Robin Spensieri - March 22, 2023
According to the February 2023 Virginia Home Sales Report released by Virginia REALTORS®, there were 6,505 home sales across Virginia in February. This is a 20.3% reduction compared to February… Read More
Collapse of Silicon Valley Bank and Signature Bank: What Happened and How It Impacts Your Business
By Virginia REALTORS® - March 17, 2023
By: Chief Economist Ryan Price & Deputy Chief Economist Sejal Naik Virginia REALTORS® is taking a look at the recent bank failures making headlines across the nation AND… Read More