9 real estate trends to expect in 2017

  • Millennials and boomers will be big buyers

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    As the oldest of the millennials push into their mid-30s, many will start to settle down and buy houses, Smoke and Gudell said.

    A number of factors are contributing to this generation's decision to start buying homes. More jobs are being created for 25- to 34-year-olds than any other age group, and wages are rising, Smoke said. Millennials are also reaching an age at which they're thinking about marriage and children.

    Baby boomers, the oldest of whom are entering their late 60s, are also looking to move as they reach their retirement years, Smoke said.

    In the last several years, baby boomers' participation in the housing market has dwindled. Many already own homes and may have been reluctant to sell until their properties recovered the value they lost in the housing bust, Smoke said.

    "While a sizable number want to downsize to control expenses, we're seeing others move to the biggest house they've ever owned because they've got children and grandchildren and they want those people to come visit," Smoke said.

    He added that many boomers are opting not to move to traditional retirement hot spots like Arizona and Florida, instead choosing to move closer to family.

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    Ilyce R. Glink is an award-winning, nationally-syndicated columnist, best-selling book author and founder of Best Money Moves, an employee benefit program that helps reduce financial stress. She also owns ThinkGlink.com, where readers can find real estate and personal finance resources.