Understanding the Changing Housing Market: Part 1

luxury homes for saleThe housing market has drastically changed over the last few decades. Thanks to technological advancements, a change in priorities, and entirely new demographics entering the market (not to mention that little crash back in 2008), the U.S. housing market doesn’t resemble its former self at all — and that’s not such a bad thing. 

Many younger buyers are finally entering the market and searching for luxury homes for sale and high end real estate, which we haven’t seen for years. Unfortunately, the market isn’t going to be as lucrative across the board for everyone in the United States — especially after the passing of the recent tax bill. 

So how can you expect the U.S. housing market to change in 2018?

How will the tax bill affect the housing market in 2018?
“It’s very hard to come up with how this is helpful to housing,” said Jonathan Miller, President and CEO of Miller Samuel Inc. “It’s either neutral or negative; there’s no positive, at least that we’re aware of at the moment. All this does is make everything more expensive, at least in high-cost housing markets.” 

It seems as though smaller housing markets won’t be impacted too significantly by the new tax provisions, at least immediately. But it could be difficult for buyers to find affordable luxury homes for sale in some parts of the country. 

Millennials demand green housing
Currently, 66% of all the buyers on the market are buying a home for the very first time, and 34% of them are millennials. In addition to homebuyers searching for luxury properties, these younger buyers are also fixated on energy-efficient homes as well. In fact, 48% of buyers interested in brand new homes cited energy-efficiency as their most desired feature in a new home. 

Another way millennials are changing the housing industry is their reliance on technology. According to Business Insider, 99% of millennials searched online while looking for a home, compared to only 89% for baby boomers or 77% for the silent generation. 

If you’re looking for new homes here in Delaware County, however, you are in luck. There are quality luxury homes for sale that you can check out and move into as soon as you’re ready. If you are serious about buying a home in Delaware County, contact West End Walk today. Also, stay tuned for part two of our series on housing market changes to expect in 2018.