There are still a few more weeks in 2016, but MarketWatch staffer Daniel Goldstein is already looking ahead to next year and the real estate trends to keep an eye on.
In addition to the commercial use of drones and how the President-Elect Donald Trump may impact the real estate market, Goldstein writes that many millennial buyers may skip the starter home and purchase a move-up home instead in 2017.
Many of those buyers have saved enough to go with something more than just a condo or a starter home, said Jessica Lautz, managing director for research at NAR. And with the markets doing so well, and interest rates as low as they are, millennials who have paid down their student debt and built up their cash, may be in a position to buy more house than Realtors think, she said.
Indeed, the NAR noted that in 2016, 17% of buyers under 35 were able to save enough for a down payment for a home within a year, compared to 14% of all age groups. And though it was lower than all other age groups, 37% of buyers under 35 said they were able to save enough for a down payment within six months, compared to 46% of all other buyers, the NAR said.