3 of the Hottest Trends Shaping Real Estate in 2017

Hard to believe it’s the end of 2016. Seems like it just started and now we’re turning to the new year with hope and expectations. What will this year bring and what can be expected to shape real estate?

First, before we get into trends we’ve been saying it for a while but it seems silly not to mention it — the Fed is probably going to raise interest rates. With strong oil prices and the lowest jobless rate in years, it’s more than just an expectation, it’s nearly a fact. If not in December, then most likely sometime in 2017. The raising of interest rates always affects the market, which also may alter some of the trend predictions. Still, let’s take a look at what may be waiting for us as the new year unfolds.

Hottest Trends in Real Estate in 2017

According to the Urban Land Institute’s Annual Emerging Trends in Real Estate Report, the U.S. is positioned to experience a better real estate outlook than the rest of the world. It wrote the United States has, “…big assets, big cities, big capital, and big competition.”

1. Multi-Use Projects

Multi-use projects are becoming very popular. Mixed-use buildings designed for retail or business and living have long been de rigueur in urban areas, but they’re also appearing now in suburban ones. Co-working and convenience have stoked this fire and we will continue to see a lot more of these in 2017.

2. Greener Means More Green

We’ve already noticed in markets like California that green construction projects and homes turn a nice profit when they’re sold. Even something as small as installing solar panels on your roof in California has increased the property value. However, this has been true for only a small number of markets throughout the U.S. But as consumers become more educated on the issues facing the environment and more people grow concerned over social and business issues like fracking and pipelines, the average consumer will start applying those feelings to their homes as well. Greener construction will begin to fetch more green in the Sunshine State.

3. Drawing the Crowds

Cities and suburban areas alike are looking for ways to entice people to spend more time out in the community. They’re doing this by designing spaces that invite lingering. Businesses are doing the same by creating “backyard” atmospheres where people gather. There’s a desire to invite customers or visitors in for the experience rather than just serving them and getting them out the door. Real estate spots that invite play and recreation will be hot this year. We’ve already seen that trend take off in cities like St. Petersburg, Florida; Austin, Texas; and Raleigh, North Carolina.

At Bay National Title we keep an eye on the trends and work with our clients to ensure they have all the information they need to make the decision that best suits them. Call us today at 727-449-8733 to learn more about our extraordinary closing experience.