It’s almost the New Year. As we say goodbye to 2016, it’s time to look ahead at what 2017 will bring to the real estate market. Economic growth will continue to be strong, employment will continue to increase, and homebuyers will continue to feel confident in purchasing a new home. Here’s a closer look at the trends for 2017:
- Homeowners Net Worth on the Rise
After a 6.3 percent increase over the past year, home prices are poised to rise another 5.2 percent through September 2017, according to a recent report from CoreLogic. Rising prices have doubled the amount of home equity held by Americans with the average homeowner gaining more than $11,000 in home-equity wealth last year alone. If home prices continue to increase as projected, Americans would add $1 trillion in home equity to their collective balance sheets next year.
- Buyers will want green and smart homes
Homebuilders are increasingly incorporating eco-friendly features into projects to meet growing demand largely from affluent Baby Boomers who prioritize energy efficiency, a healthier indoor environment and durability. More than half of builders say they are working on green projects, according to a study from Dodge Data & Analytics for the National Association of Home Builders. Those percentages are expected to rise over the next five years.
- Homeowners want to be social
Neighborhoods with a clubhouse allow residents to easily stay social and make new friends. With more time on their hands from retirement, boomers want a clubhouse for member dining, hospitality and entertainment. They also want natural amenities such as kayaking, biking, and walkable communities.
For those seeking a new address in Florida, GlenLakes on the Adventure Coast might just fit the bill. Located along the coast north of Tampa, GlenLakes captures everything to love about the Florida lifestyle: natural surroundings, championship golf, country club amenities, a secure, immaculately maintained community and captivating home designs, perfect for entertaining and relaxation. For more information on a new 2017 home in this waterfront community, click here.