Real Estate Market Factors
Buying a home is a new and exciting time. But there are so many choices and things to consider. Do you want a good neighborhood, good school systems? Do you want to be able to walk to different locations? What about energy efficient homes? And is luxury real estate available where you want it?
Here are some of the industry trends for real estate purchases.
1. Age. According to Realtor.com, over 60% of 2017 home buyers will be under the age of 35. That is a huge part of the home buying market that are predicted to be under age 35. But it’s not just new homes those people are after. Millennials are also the most likely group to go after townhouses.
2. Walkability. The flexibility and cost efficiency of walking is driving some new homes and luxury real estate markets. Not to mention the health benefits of walking rather than driving. Urban Land Institute recently found that 50% of survey respondents say the ability to easily walk to places they frequent is a high priority or top priority when they choose where to live. About half of all millennials and baby boomers prefer to live in areas that are more walkable.
3. New homes. 48% of buyers want a house that has never been lived in. People look to new houses for a variety of reasons. 48% of people that look to new houses do so for energy efficiency. 34% of new home buyers said they did not want problems with renovations, plumbing, or electricity. New homes and luxury real estate are up to date with the latest energy and cost efficient fixtures and will not require any updates to electrical or plumbing.
So whether you are considering luxury real estate, houses for sale, or considering purchasing a townhouse, weigh these factors with your own desires and needs. Whether young millennials or old baby boomers, the housing market can work for you. Consider your location. Can you safely and easily get around in the neighborhood? Can you walk to your favorite locations? And consider what you want to put into your house. If you are not interested in repairs and updates, then look into luxury homes and new houses for sale in your area.