John Burns Consulting in Chicago expects nearly 80% of residential growth to occur in suburban communities over the next 10 years – up from 71% from 2010 to 2015. Urban growth is expected to be just 1% through 2025.
A number of suburban neighborhoods are adding more amenities to provide an environment where people can live, work and play. Blending urban and suburban living, makes it possible to walk to work, shopping, entertainment, and to play sports all within your community.
More millennials are expected to buy a first home in 2017 according to the National Association of Realtors (NAR). Many of these buyers have saved enough to buy something more than a condo. In fact, NAR noted that 17% of buyers under 35 were able to save enough for a down payment for a home within a year.
“A Trump presidency is seen as good for housing and mortgage markets in the long term,” said Rick Sharga, executive vice president of Ten-X, a real estate auction site.” He seems committed to bringing regulatory relief – and more regulatory certainty – to the financial services industry, which should help the average home buyer be able to obtain credit a little more easily.
Higher mortgage rates might result in slower increases in house prices in the first quarter of 2017, but it will still remain a seller’s market in most of the country.
Home Buying should remain strong in 2017, which is good news for a market starved of inventory. It is absolutely a sellers’ market, and Donald Trump’s win will not negatively affect the market for those looking to sell, according to Nancy Dennis, a vice president at American Financing Corp., a mortgage lender.
And not too many years down the road, the Gen Z age group (today’s teenagers) has expressed that they value home ownership, according to Sherry Chris, chief executive of a NJ-based Better Homes and Gardens Real Estate firm. In fact, according to a recent survey, 97% of the Gen Z age group wants to own a home – a big home with lots of rooms and lots of space.
WHY IS THE ABOVE IMPORTANT TO YOU AT THIS TIME IF AT ALL?
The single greatest impediment for older Americans wishing to relocate to a planned active adult community has been the inability to sell their home. While the post recession years were very good to a select number of people at the top, those in the middle and younger generations have faced steady headwinds of high cost housing, strict lending standards and heavy student debt burdens. Younger people specifically have largely been hunkered down living in shared apartments or at home with parents waiting for better overall economic conditions, more steady job growth and higher wage appreciation. Market conditions have finally begun to change such that younger people can once again consider jumping into the housing market.
This is very good news for active adults who are looking to downsize to smaller homes and simplify their lives. There are generations of younger buyers looking to buy these active adults’ current homes making dreams come true for everyone!