Real Estate Trends For 2017

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    Closing out 2016, we’ve seen some of the strongest housing prices and numbers in real estate in years. Still, as we are about to enter another year we will see new trends shaping the real estate world. All signs point to a strong market again next year, but what else can we expect?

    Here are some real estate trends for 2017 we expect to see:

    Downtown meets the suburbs

    The increased interest in living in downtown or urban areas will remain. However, dwellings close to mixed use buildings or suburban amenities will be the most highly sought. Homebuyers want to decrease the amount of time spent in cars and increase the amount of time walking by foot in what feels like a community. New construction pocket neighborhoods and transitional neighborhoods will be the best bet for finding family homes that offer safety while also providing an urban experience.

    The Millennials have arrived

    According to a recent study by REALTOR.com there will be a larger than ever share of millennials looking to buy their first home next year. What does that mean for real estate? Well, condos and town homes will take a backseat to smaller family homes. However, don’t expect these buyers to just accept any starter home. These home buyers prefer privacy, space and even a bit of outdoor area to entertain. In other words, they aren’t looking for a home they will outgrow immediately. Clever remodels and new construction homes that maximize smaller square footage will be what sells quickly.

    Lenders are buyer friendly again

    After years of tighter and stricter lending standards, it looks like 2017 is going to be a lot easier for buyers. Excellent credit will always win, but less than perfect scores are finally able to borrow again. Though having 20% is HIGHLY recommended, there are loan programs in place to help buyers who have less than that. This is great news for buyers but also increases the competition.

    Home Prices still rising

    Home prices in Nashville have been at near-record highs. Expect more of the same in 2017, though values may start to rise more slowly. Experts predict the market itself will normalize, which would mean a healthy number of sales but at (perhaps) a more moderate pace. Home sellers will still be in prime position to sell while buyers will need to be ready to jump on opportunities when they arise.

     

    Are you looking to sell or buy a house in 2017? Call DeSelms Real Estate today at 615.550.5565 and see how we can help you get a jumpstart on the process!

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    Our agents write often to give you the latest insights on owning a home or property in the local area.

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