Hard to believe, but another year is almost over. We all know what that means – getting ready for 2018 by taking a look at the past year. If you’re looking to buy a condo in the coming year, it’s important that you take time to examine what recently shaped the world of real estate. These trends are sure to influence the market, so you’d better be prepared!
Which real estate trends stood out in 2017? How will those trends affect condo sales next year? Here are a few tips that might help you find your perfect condo in 2018, whether you’re buying a rental property or a new home.
Seattle Tops the Real Estate Market
Have you ever dreamed of waking up to the sound of a rainy morning, before enjoying your coffee with a view of Puget Sound? Guess what – you’re not alone. The Seattle real estate market boomed in 2016, with a 11% increase in home prices. PWC and the Urban Land Institute predict that Seattle will be the number one market in the country in 2018. The condo market is on the up and up in this region, too; according to The Registry, nearly 1,400 condos are in some stage of construction throughout the city.
If you’re buying a rental property, the Pacific Northwest can award you a solid return on your investment. Massive growth within the city means plenty of renters. However, higher prices and a fast market may make your search a tough one.
Startups Are Seeking New Spaces
Today’s offices are casual, open spaces with plenty of room for creativity to blossom. And today’s entrepreneurs are not afraid of unconventional office spaces. In fact, they love them! The condo market is a terrific opportunity for startups to establish their businesses without shelling out the cash for a “traditional” office space. If you’re renting out a condo – particularly an unfurnished one – you just might find the perfect renters in a couple computer nerds with a dream.
The Rental Market is Here to Stay
In 2017, 31.4% of Americans were renting some form of home and this number is considered to rise as Gen Z start to leave college. Gen Z is a massive demographic. According to Forbes, they account for 25% of the US population. Unfortunately, they’re also entering the workforce with much of the same issues their Millennial predecessors faced: a slow job market and staggering student loan debt. This means that Gen Z’s path to homeownership will be a long one. In the meantime, these young people will be renting. This will ensure that rental condos remain an excellent investment!
Micro Condos: Living Large in a Little Space
Today’s condo market is incredibly vast, and the properties vary drastically. “Micro condos” are one type of housing that grew in popularity. These condos, which are under 500 square feet, quickly sold out when they first hit the market in Houston this year! For many, micro condos are the key to finding cost-effective housing. Is a micro condo right for everyone? Not necessarily. But if you’re a retiree looking to downsize or a young professional who wants to enjoy life in the big city, the micro condo might be the trend for you.
Pet-Friendliness is Paramount
The American Pet Products Association reports that 68% of Americans (that’s 85 million families) have at least one pet in their household. And while pets used to be the furry additions to the family, many young people (the folks looking to rent or buy condos) are opting for pets in lieu of partners or children.
As more people explore condos and renting as an alternative to homeownership, many housing boards are beginning to rethink their stringent pet policies. It’s expected that more condos and apartment buildings will become pet-friendly in 2018 – and if you ask us, that’s great news for everyone!
Of course, trends come and go, and no one really knows what the future holds. But if you’re looking to buy, paying attention to these trends can help determine what you buy, where you buy, and when you buy. Remember to shop smart, and enjoy your new place in 2018!