As real estate recovery continues to rise, we continue to see new
and increasingly interesting trends in the marketplace. Experts that work for
the Urban Land Institute recently released a report detailing their predictions
as the market continues to recover. Their predictions are based on the insights
and trends seen by a variety of professionals in the field including land
developers and real estate agents.
The first trend that the market is currently seeing is a rise in
the number of people from the Millennial generation obtaining real estate in
new places; places that weren’t seen as very attractive to generations of the
past. Topping this list were places like Minneapolis, Portland, and our own
home town of Seattle.
For instance, in Seattle, Washington, smaller areas are seeing
increased interest and growth. For instance, take the development of Seattle’s Laurelhurst
real estate –
for this and similar neighborhoods, development have jumped by several levels.
Similarly, Windermere homes for sale are getting more attention than they
have since before the economic downturn.
Trends within these cities have also changed with the rise of the
Millennials and their need for their own housing. These cities are seeing more
urban development and much less rural development than in decades past. The
newer generations are more keen on a city scene and less accustomed to being
away from all of the urban action. Even suburban areas are seeing a decline in
popularity. Additionally, these experts expect that the real estate trends will
grow, but growth will be inextricably tied to the growth of the job market.
This means that if they expect to see improvements immediately, these
improvements will be limited to the opening of the job market and will only
continue to grow insofar as the unemployment rate drops. As always, if you’re
interested in Seattle real estate, please give us a call today! Contact
our team.
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