New Home Construction in 2017 did better than expected and turned out to have a great year. The estimated number of housing units completed in 2017 was up 8.7% from 2016, and housing permits were up 4.7% in 2017 from 2016.
Despite potential homebuyers believing housing availability and affordability might not get better in 2018, they are not deterred and are determined to buy a house this year. Interesting enough, 53% of those surveyed might consider buying a tiny house at some point in their lifetime—and we thought our office was cozy with all our latest hiring (still hiring: resumes to firstname.lastname@example.org). There’s also this trending desire to live in trailer parks. That’s right, real estate investors are snatching up mobile homes and rebranding these communities into “attractive complexes”. These are not the stereotypical, negatively stigmatized trailer park.
Foreclosures in 2017 dropped to the lowest level in 12 years, since 2005! This is primarily driven by two things: low inventory—home prices rising—and well-qualified borrowers, aka low-risk consumers.
Live in a small apartment but want a big fur baby? Well, there’s a list for that. Think Greyhounds, Mastiffs, Great Danes. Think couch potato—low energy, Netflix companion.