2 Important housing trends for 2017 that will affect us: 1.Millennials and boomers will dominate the market -- The housing market will be in the middle of two massive demographic waves - millennials and baby boomers - that will power demand for at least the next 10 years. Although increasing interest rates prompted realtor.com to lower its prediction of millennial market share to 33 percent of the buyer pool, millennials and baby boomers will still comprise the majority of the market. Baby boomers are expected to make up 30 percent of buyers in 2017. 2.Fewer homes on the market and fast moving markets - Inventory is currently down an average 11 percent in the top 100 metros in the U.S. The conditions limiting home supply are not expected to change in 2017. Median age of inventory is currently 68 days in the top 100 metros, which is 14 percent -11 days - faster than U.S. overall. Top 2017 housing markets 1. Phoenix-Mesa-Scottsdale, Ariz. 2. Los Angeles-Long Beach-Anaheim, Calif. 3. Boston-Cambridge-Newton, Mass.-N.H. 4. Sacramento-Roseville-Arden-Arcade, Calif. 5. Riverside-San Bernardino-Ontario, Calif. 6. Jacksonville, Fla. John and Michele Holbrook 904-415-0171 Realtors Amelia Island
Trends for 2017
Written by John Holbrook & Michele Cook Holbrook A Real Estate Partnership on . Posted in Uncategorized
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