A Look at 2017: Predicted Home Buying Trends

Property Tax Reduction Consultants

125 Jericho Turnpike, Suite 500 
Jericho, NY 11753

(516) 484-0654 or (631) 484-0654

With 2017 within reach, now is the time when many people start thinking about what they'd like to do next year - home improvement projects, New Year's Resolutions, vacations, you know how it goes. But with the start of a new year also comes various new trends, and wouldn't it be nice to head into January already knowing what some of them are so that you're ahead of the game? We think so, which is why today, we're discussing what experts expect to see in the real estate world.

Realtor.com recently reported that in 2017, more than half of all the homes bought are going to be bought by first-time home buyers - this was determined through a survey conducted by realtor.com. But they also explain that it won't just be any first-time home buyers taking over the market - rather, it's mostly going to be millennials, which is a total change from this year (according to their findings, only 33% of people planning to buy homes in 2016 were first-time buyers, but in 2017, 52% of buyers are expected to be first-timers).

So what does this mean for the housing market?

First and foremost, there's going to be a lot more competition when it comes to starter homes in the suburbs. That said, it may be worth it to consider buying in the winter in order to dodge the higher prices and bidding wars that may occur at other times of the year when millennial buyers are coming into the market in full force.

Additional Trends

Now that you're more familiar with who is going to be buying, let's touch on what they're going to be looking for. According to realtor.com, millennial buyers are going to be looking for a few things: privacy, safety, and overall more space. Most millennials prefer single-family homes to meet these needs, and furthermore, their desired location is in the suburbs. So, if you live in the suburbs or near the suburbs now, don't be surprised if you see an influx of millennial buyers coming your way next year!

For more details, check out the full article by realtor.com here.

If you're a first-time buyer that's planning to dive into the Long Island housing market in 2017, when it comes time to sit down and look at your property taxes, keep P.T.R.C. Inc. in mind. Should you feel that your property tax bill is too high, we can help you in your quest for a reduction for future tax years.

To learn more about what we do and how we can help, please visit www.ptrc.com or call (516)/(631) 484-0654 today.