2017 U.S. Real Estate Trends to Watch: Impact on Relocation
If you manage a U.S. domestic relocation program, it’s important for you to stay informed about U.S. mortgage and real estate markets to ensure that your policies and programs are in line with current trends, and that you’re aware of the market conditions your employees will be dealing with as they buy and sell their properties.
As we enter into 2017, we’d like to share the top trends to watch in the U.S. housing market that have the potential to impact your relocation program.
Continued Increase in Technology Use
We will continue to see increased technology use in real estate, including:
- Smart home technology—as smart home technology moves from “a nice to have” to the mainstream, buyers are looking for things like learning thermostats, automated home functions, and solar panels, while home sellers are looking to make renovations to meet this growing need.
- Creative uses of video—with virtual reality technology continuing to progress, it is likely that the use of virtual home tours will increase and help buyers narrow down their choices quickly and efficiently.
Changes in What Communities Look Like
Changes in buyer demographics and what they are looking for will shape what communities look like, both in urban and suburban areas.
- Walkable communities—changes in demographics, with Millennials moving to the suburbs, are causing a demand for walkable communities with enhanced access to public transport.
- Downtown redevelopment—mixed-use planning and redevelopment of urban areas into residential and commercial spaces are also boosting the walkability desired by consumers.
- Inclusionary zoning—more local governments are seeking to increase inclusionary zoning, opening up opportunities for the middle and lower-middle class to gain entry to otherwise unattainable areas, and build the types of communities that the next generation of buyers is looking for.
Slight Increases in Home Sales & Prices
An improving U.S. economy, job increases, and low mortgage rates have been tempered by rising home prices and low inventory. It is expected that there will be slight increases in both existing home sales and prices.
Additional Resources for Relocation Managers
Following are some resources to help you get a better grasp of current trends in U.S. real estate:
- Cartus’ U.S. Market Watch provided an update of U.S. market trends with a look at what to expect moving into 2017.
- Recent blog posts from Cartus’ sister company Coldwell Banker Real Estate LLC, 2017 Real Estate Trends to Watch and Top Trends of the 2016 Housing Market, and What to Expect in 2017 take a look at trends and share feedback from top real estate agents.
- Cartus’ Worldwide ERC® webinar on real estate trends, “Top 10 Evolving Trends Shaping Real Estate” shared a broad picture of the U.S. housing market, including what’s trending with homebuyers and housing industry predictions.
We will continue to keep you updated on the improving U.S. real estate markets and economic outlook as we move into the new year.