2016 has been a great year for real estate. There have been a few trends that are not going away anytime soon. The steady rise in 2016 is expected to continue into 2017.
Growth in Custom Homes
Who wouldn’t love to have a one of a kind home? Custom homes are giving home owners the chance to customize their home the way they want to. Custom home designs can be a bit tricky, but the upside is they allow you to hand pick the design layout, add specific upgrades to the home, or even make things more simple in the home like knocking down walls to make the feel more open. This can all be done while staying within a specific price point, and often increasing the value of your property.
Millennials Buying Homes
Millennials made up the largest share of first time home owners in 2016. For many millennials buying their first home is extremely important. Many millennials are buying in up and coming areas, areas that were once less desirable. Although, a lot of younger millennials are still living at home with parents, or with roommates, the older millennials see the value in buying and owning their first home.
Baby Boomers are the second largest group of home buyers. Some are downsizing into smaller homes, condos, townhouses, and retirement communities. A lot of baby boomers have decided to stay in their homes. Some baby boomers are investing by renovating their homes, changing the layout, making it more age friendly, or with the hopes to increase the value of their home. Many boomers are staying close to family, friends, and conveniences of everyday life.
Inventory is Tight
With the market being the way that it is a house will be on the market one day and gone the next. Rent is very high, causing a lot of people to want to buy and save in the long run. There are not enough homes for the high demand of interested buyers. Starter homes have the largest uptick in the market for 2016. Often times a starter home goes on the market, causing interest for buyers and often causing a bidding war.
If you are interest in learning more about the upticks from 2016 contact MH Akers Custom Homes today.