What will the 2018 housing market look like for you? Perhaps you are already feeling some of its effects. Let's find out where you fit into these unique expectations!
1) Generation Z (born between 1995-2001) will have a lasting effect on housing. These youngsters will likely prefer urban environments and will be even more tech-savvy than millennials. This means higher demand for smaller, urban dwellings in large cities with increased walkability.
2) Baby Boomer (aka Empty Nesters) will opt to rent. This group is categorized as age 55+ and prefer a comfortable lifestyle. However, many Baby Boomers are choosing to downsize to more tailored, community-oriented 55+ developments. People age 55+ represent the highest growth rate of renters from 2009-present, and this trend is expected to continue through 2018.
3) People will settle for small. As home prices continue to rise people are becoming more open-minded to condensed living spaces. In large cities such as Houston, it is now common to see housing architecture designed narrow and tall to accommodate for shrinking land availability.
4) Airbnb will increase short-term rentals. You may start thinking about making some extra cash by renting out your home. For example, when the Super Bowl came to Houston, many homeowners were quick to utilize the new Airbnb concept. The company is expected to reach 86.5 million users by 2021.
5) Developers will finally catch up with consumer housing demand. Many young, suburban families are choosing to build new and custom 'Dream Homes'. Developers have gotten back in the groove as expansion continues from the post-2008 recession and the result is a rich profusion of housing options.
6) Secondary markets will surge. With high rents in most big cities across the US, people will flock to over-looked, less-expensive areas. Cities like Houston are growing at extremely high rates due to affordable cost-of-living, job opportunities and a plethora of available housing.
What does this mean for you? It means that there are lots of amazing options out there, especially if you are relocating to the Houston Metro! With energetic growth throughout every facet of the housing industry, it is a great time to buy and sell. Let The Julie Morales Team get you started TODAY!