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Top 5 expected trends that would make an impact on the residential construction industry

With the new dawn of 2017, the construction industry is all set to swirl out its new surprises and trends for the year 2017...Read More

Residential Construction Trends – U.S – 2017

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Top 5 expected trends that would make an impact on the residential construction industry

With the new dawn of 2017, the construction industry is all set to swirl out its new surprises and trends for the year 2017. Residential construction has always been an arena to experiment and a rather policy dependent industry. It mainly depends on the economic policies and terms that are rolled out by the government year after year. The individual earning capacity coupled with the lending power and offers by the government influence a lot when it comes to residential housing trends.

This year has a lot of expectations as well as a lot more challenges to tackle as far as the construction industry is concerned. And it is mandatory that homebuyers keep themselves informed about the possibilities that are to take place this year.

The Top 5 expected trends that would make an impact on the residential construction industry and the home purchasing trends.

  • Rising Interest rates:

    For a first time homebuyer, federal housing loans play a vital role in making a decision about his home purchase dream. The interest rates form the underlying factor of any loan and there are certain possibilities that the interest rates would increase three more times in the year 2017. But the only consoling factor is that the increase would not be higher than 4.3 percent on a 30 year fixed rate of interest. This would increase the mortgage rates, making it difficult for prospective homebuyers to realize their long-standing dream of owning a home.

  • More Mortgage credit facilities:

    Though there will be increase in the interest rates for home loans, the options of mortgage credits would rise with more number of players coming forward to offer mortgage credits. This is actually happy news after a long haul. Also the news that government led federal loan agencies would start funding larger mortgages in 2017, people are actually keen to go in for luxury homes.

  • Increased number of new homes:

    There is a steady increase in the number of homes constructed during the past few years and this year too this trend is expected to continue. The increase in demand by homebuyers and higher wages has made the ratio of number of new houses built increase in a large scale.

  • Constant increase in medium sized cities:

    As already developed cities are witnessing steep rise in property prices, the next option ahs turned towards tier 2 cities and has led to development of such cities with beautiful new homes coming up to make it highly developed cities with all modern amenities. Buyers find it worth to invest in homes in such cities where they are not expected to put huge sum of money on just the land, but get enough money to spend on the home too. Also reduced cost leads to lesser home loans and reduced interest as well. This trend has led to the development of more such medium-sized cities.

  • Increase in the number of foreign buyers:

    The country has seen a large number of foreign buyers who have helped the real estate industry thrive even amidst too many challenges. This has increased even more with buyers from countries like china and other Asian countries where there is unstable economic scenario prevailing. Also in countries like Hong Kong where the land values are too much for an individual to bear, people turn towards the US for the number of opportunities it provides. Also the country has proved to be a sanctum for people who look for good return on Investments. Growing amount of foreign capital and investment is going to be a continuing trend in 2017, leading to overall economic development of the country.

With all these obvious trends and a lot more surprises to unfold, the residential construction arena in the US is all set to take the nation as well the world by surprise which you can learn from. Inspite of normal challenges like increased labor cost and increased demand for manpower as well as machinery, the industry is still confident and reassured to overcome these challenges and create new milestones this year too. The support from the federal government, mortgage agencies and Income per Individual all together is sure to create a more positive and constructive trend in the residential construction industry of the United States as a whole.