2017 was a great year for real estate. Home values increased as the number of homes on the market decreased. Encouraged by the still low interest rates, many home buyers purchased homes. Thus, the number of homes on the market was continually outpaced by the demands’ of the market.
This active year in real estate left many of us wondering, “What is in store for real estate in 2018?” I do not have a crystal ball to help you answer this question. But, I do have experience in the market, an understanding of the current trends, and a handy copy of the latest 2018 projection from the Urban Land Institute (ULI.) Because of its upsurge in growth, Tallahassee has been named on several short lists, in the latest ULI report, as an important market to watch for growth.
- Leveling Out – It is common real estate knowledge that every 7 – 8 the market goes through a shift. We are due for a cyclical change. However, it may not be a sudden or hard change. In fact, many experts believe that the change will be gradual.
- New Construction – Looking around town, it is easy to find traces of new residential construction. Tallahassee’s civic and city leaders have responded to the public’s call for new housing with enthusiasm. Beautiful new home communities such as Evening Rose, Canopy, Upper East, and the Cottages Of Mahan are creating excitement throughout Tallahassee.
- Multi-generational Housing – More buyers are looking towards multi-generational housing. Combining generations gives families more buying power and often benefits the household in other personal and practical ways.
- Change Of Priorities – Smaller homes are more popular than ever. We are finding that more buyers will choose convenience, location, and amenities over size as the most important factors when choosing where to live.
- Green Technology – Green technology is everywhere. Tallahassee’s new solar program is one of the many testaments to residential interests in green technologies. This interest translates into real estate as well. Homes with green or sustainable features appeal more to Tallahassee home buyers of all ages.