A new year, a new administration. Our 45th president, a man who made the bulk of his fortune in real estate, was inaugurated today. I think it is the perfect time to examine what we can expect in the 2017 Westfield Area real estate market.
Top Projected Trends in the 2017 Westfield Area Real Estate Market
Transportation is Important – The first trend we expect to see in the 2017 Westfield area real estate market is that it must be conveniently located near public transportation. Many Westfield area residents work in NYC. They need easy access to and from the City. Transit villages have quickly become a reality along the Raritan Line. Retail businesses may start to fade in some towns. However, entertainment, restaurants and service-related businesses will come to the forefront.
Construction’s Upward Expansion – Buyers want “walkability”. They want to live, eat, shop and play within a reasonable walking distance. This also includes the ability to walk to their workday commute. The demand for a more “walkable” lifestyle forces builders in the downtown area to increase construction of multi-story attached residential units.
Millennial Buyers – One major trend in the 2017 Westfield area real estate market will be the influence of Millennials. They will be the largest portion of the home buying public this year. Therefore, one of the 2017 Westfield area real estate market trends you can expect to see is an increase in demand for starter homes. Millennials are also looking for more green, energy-efficient and sustainable features in their properties.
Size, Luxury and Sustainability – Millennials aren’t the only ones interested in “going green”. Smart homes have seen a rise in popularity among all Buyers across the board. While younger Buyers might shy away from the “McMansions” of their parents’ day, they are looking for luxury features and finishes in a tinier footprint.
Prices and Interest Rates on the Rise – The Federal Reserve increased interest rates late last year. Experts predict several more increases in 2017. A healthy demand for luxury Westfield homes creates higher prices. As prices go up, Buyers tend to feel more secure about investing their money into a home. This could also inspire current Westfield luxury home owners to cash in on their properties and trade up in the market.
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Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes