04.30.2017
The Most Important Real Estate Statistics for 2017
Looking to gain an advantage over other title and settlement service providers in 2017? Real estate statistics can help you get a better feel of the terrain, informing both business and marketing decisions.
Here’s the top 2017 real estate statistics
- 33% of homebuyers in 2017 will be Millenials, i.e. people under 35.
Millennials are a new generation of homebuyers and, thus, require a new marketing strategy.
- 17% of Millenials were able to save for down payments in 2016.
In 2017, Millenials willshift from savers to buyers.
- Suburban markets will see 80% of total residential growth in 2017
As the cost of living skyrockets in major cities, people are moving to ‘suburbia.’
- The U.S. economy is expected to grow at an average rate of 2.0% in 2017 and 2018.
Despite increasing house prices, Realtor.org projects that more buyers will benefit from the growing economy and can meet the rising prices.
- By this time last year, 62% of all homes sold were ‘affordable’ to the median US household.
As home prices continue to rise, houses affordable to middle class Americans could decrease.
- Mortgage rates are expected to remain below 5% but still graduallyincrease 2017.
The Home Buying Institute projects that mortgage rates will remain low.
- Home prices and appreciation are expected to slow to a rate of 3.9%, down from 4.9% in 2016.
Rising home prices in the U.S. will eventually slow down.
- There was a 2.3% increase in renters in 2016, a trend that will continue in 2017.
According to HUD, in addition to Millenials, more families will be choosing to rent in 2017.
- 84% of all homebuyers in 2016used information from the internetin their home search.
More and more buyers are relying on photos, details, and neighborhood statistics found online.
- In 2016, 89% of Millennials, 87% of Gen X buyers, and 85% of Younger Boomers used an agent to buy their home.
According to NAR’s generational report, people are still relying on the expertise and availability of agents for the buying and selling.
- Multi-generational homes accounted for 13% of home purchases in 2016.
According to NAR, manyhomebuyerschoselarge homes because of older children moving back home and older parents living with their adult children to reduce costs.
But real estate statistics alone aren’t going to separate you from the pack. Having prompt and reliable service will. CPI Data Services can help.
Achieve Business Objectives with CPI Data Services
CPI Data Services helps title insurance companies achieve their most important business objectives, providing everything from commitment typing and title searches to title policy preparation and property report typing on demand. To learn more about what we can do for you, visit our homepage today!
