It’s almost the New Year. As we say goodbye to 2016, it’s time to look ahead at what 2017 will bring to the real estate market. Economic growth will continue to be strong, employment will continue to increase, and homebuyers will continue to feel confident in purchasing a new home. Here’s a closer look at the trends for 2017:
Homeowners Net Worth on the Rise
After a 6.3 percent increase over the past year, home prices are poised to rise another 5.2 percent through September 2017, according to a recent report from CoreLogic. Rising prices have doubled the amount of home equity held by Americans with the average homeowner gaining more than $11,000 in home-equity wealth last year alone. If home prices continue to increase as projected, Americans would add $1 trillion in home equity to their collective balance sheets next year.
Boomers Want to Downsize
In Florida, Boomers are flocking to smaller spaces in retirement, provided the location is cool. It’s part of a Baby Boomer downsizing that is becoming a niche industry. At first there may be hesitation about living in a residence smaller than their current home but what attracts them, in large part, are the locations of the developments.
Homeowners want to be social
They are looking to do more outside their homes, to enjoy downtown and waterfront activities. They don’t want to be gardening and working on the lawns on the weekend. They want to be surrounded by the relaxed waterfront lifestyle, and a sense of permanent vacation…Beautiful blue skies, swaying palm trees, and teasing your friends up north while they shovel snow.
With the chances to own a new home directly on the water in Florida diminishing every day, Peninsula on the Intracoastal represents both a unique and rare opportunity. Don’t wait any longer to enjoy the waterfront lifestyle you’ve always imagined. Whether you’re seeking a seasonal retreat or year round living, the opportunity to purchase a move-in ready residence on the Intracoastal in Palm Beach is rare. Designer Model Homes are open daily at Peninsula in Boynton Beach. 3-Story townhomes from the $300s, expansive Condominiums from the $400s.
To preview Peninsula’s floor plans, click here.