If you’ve even contemplated homeownership, either as a brand new homebuyer or someone experienced in buying and selling, you’re probably familiar with well-known home search website Zillow.
They’re a go-to source for all things related to buying and selling, and as such, have a lot of experience and expertise to draw upon. Many of us at Wayne Homes look to Zillow for insight into the bigger home market picture, as do others in our industry.
We paid close attention, then, to Zillow’s recent findings and look ahead to the home market in 2017, and have some good news: home ownership is expected to increase, while rent growth is expected to moderate.
That’s a pretty strong reversal of more recent trends, and Zillow attributes the change to a further strengthened housing market. They expect home ownership to go up, renting to become more affordable, and more Americans to be driving to work regularly.
Zillow also attributes the growth to Millennials and their increased desire to own a home; almost half of all buyers in 2016 were first-time buyers, and Millennials made up half of that group. Some other things Zillow predicts for 2017 are that:
- Cities will focus on building denser developments of more reasonably sized homes that are close to public trans and urban centers
- Homeowners will be more racially diverse, a reflection of the fact that Millennials as a group are more racially diverse.
- Buyers will have to spend more because builders will be covering the cost of rising construction wages. Those increases are driven in large part by labor shortages, something that may worsen under the new administration.
- For the first time in a decade, the percentage of people who drive to work will increase as homeowners move further into the suburbs.
- Home values will increase by almost 4 percent in 2017. They rose almost 5 percent in 2016.
It’s exciting to hear one of the leading authorities on home market news talk about these things, and especially excited to hear that those experts expect more individuals to own homes in 2017. We’re strong proponents of home ownership, for obvious reasons, but also because we are passionate about what home ownership means to the families we work with. Check out the 2017 Housing Report Predictions report for even more insight.
Do you want to be one of 2017’s new homeowners? We want to help you make that dream a reality! Give us a call to get started.
About Wayne Homes
Wayne Homes is a custom homebuilder in Ohio, Pennsylvania, Indiana, Michigan, and West Virginia (see all Model Home Centers). We offer more than 40 fully customizable floorplans and a team dedicated to providing the best experience in the home building industry. For more information, Ask Julie by Live Chat or call us at (866) 253-6807.