3 Real Estate Trends to Watch Out For in 2017
With 2016 coming a close, and 2017 quickly approaching, there is no better time to look ahead at everything the new year has to offer. In many cases, the trends that will shape the real estate market of 2017 are already in motion and will continue to develop throughout the upcoming year. These trends are expected to have a dramatic impact on the way that real estate is both viewed and the way that it is accessed. The traditional concept of suburbia will be challenged, and a new definition created.
The 3 trends looked at here cover the way that real estate is viewed, the traditional concept of suburbia and real estate accessibility. Here are 3 real estate trends that are already in motion, and are set to continue to develop throughout 2017.
The Internet of Things
In modern society technology virtually at the heart of everything we interact with on a daily basis, and there are a number of reasons to believe this trend will continue in real estate. Cutting edge technology is no longer considered a rare luxury but is a part of a full and convenient life. This expectation is spurring homeowners to consider renovations that bring the essence of the smart home to the market. Learning thermostats and integrated technology such as solar panels, USB hubs, and automated home functions will continue to gain popularity, both in first time home buyers and also for retirees that are looking to downsize and for the added convenience and simplicity that will allow them to remain independent in their homes.
Suburban Communities with Public Transit and Amenities
Recently the real estate market has seen a noticeable percentage of millennials choosing the suburbs over downtown city neighborhoods. This has lead to an increase in walk able neighborhoods and communities. Suburbia is now seeing its dynamics change from outlying neighborhoods reliant on automobiles to stylish and trendy suburban enclaves that offer commercial hubs and enhanced public transport links cater to the work, live, play philosophy well entrenched in urban areas.
Zoning Changes for Affordability
Unfortunately one of the biggest trends that are being predicted for the upcoming year is where the income gap will become increasingly evident in housing affordability in key neighborhoods. Fortunately, there is good news, and that is that more and more local governments are creating measures to increase inclusionary zoning that will open up opportunities for the middle and lower-middle class to gain entry to areas that would otherwise still be unattainable. Changes in zoning ensure new developers reserve a certain portion of their development for affordable housing.
The real estate trends that are predicted for 2017 are expected to adjust already existing and developing neighborhoods with a new definition of what “community” really means. Areas that were once considered to be solely for residential zoning will have amenities that all for residents to benefit in terms of work, play, education and family life.