Some housing market trends are driven by economic factors, while others are driven by our lives. The job market, economic conditions, and wages can all affect whether or not we decide it’s a good time to buy or sell a house but, most often, that decision is made based on what is happening in our lives. Things like retirement or having a child are much more likely to influence a decision to move than the ups-and-downs of the market. Because of this, Realtor.com’s forecast for 2017 looks at some of the demographic changes that may affect the real estate market next year and beyond. Specifically, their forecast singles out baby boomers and millennials as two groups who will have a big impact. That’s because both are entering periods of their life when people typically change homes. Millennials because they are reaching the age when Americans typically buy their first home and baby boomers because they are at an age when their children have moved out and they may be looking to downsize or retire. When and where these groups decide to settle will help shape the real estate market next year and in the years to come. More here.
