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Market Updates

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Rising rent costs are pushing millennials to purchase homes and their wants are much different than the 55+ aged buyers who are house hunting too,

Chief economist for realtor.com, Danielle Hale, says they've found a clear difference in priorities based on recent surveys. "Older buyers are concerned with privacy and being able to age comfortably," she said "while millennials place more emphasis on family needs, stability and personal expression."

A survey of more than 1,000 active buyers done last week by Toluna Research provides insight into what both millennial (18-34 year olds) and older buyers are looking for:

Older buyers are focused on privacy while millennials place family and personal needs at the top of their wants. The majority of

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John Burns, writer and CEO of John Burns Real Estate Consulting, recently published a column for ATTOM Data Solutions describing demographic shifts the U.S. will experience over the next ten years. Aging, an increase in immigrants and mass movements are some of the trends Burns and his team of researchers suggest will happen, after 9,000 hours spent studying demography in America. 

In his ATTOM column, Burns highlights findings from his book, "Big Shifts Ahead: Demographic Clarity for Business," and discusses the impact new trends will have on the housing market. Here are the important things to watch over the next decade from Burns:

  1. More people over age 65: Nearly 40% of the population will be over age 65 within the next decade- that's 66
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According to NewHomeSource.com, a new home construction search engine, buyers are looking for 10 things in their home search. Decor, efficiency and size all made the list- here are the features house hunters want:

1. An Open-Concept

Buyers are looking for high ceilings, spacious rooms and a flowing floor plan. This will most likely put them in a newer home. 

2. Smaller Houses

Oversized homes are expensive to cool and maintain. Buyers don't want to end up paying for more than they need.

3. Outdoor Living

Move-up buyers are getting serious about backyard features. Kitchens, fireplaces, and plenty of social space are high on the list of wants outdoors.

4. Neutral Decor

It's best to keep it simple when it comes to selling a

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A California-based charity organization called New Story has partnered with construction technology company, ICON, to develop a 3-D printer capable of constructing affordable houses in developing countries around the world. 

The company has already shown success in the U.S. with a 350 square-foot house in Austin, Texas, the first 3-D printed home in the country built to local code. 

The houses give a glimpse into the future of home building. New Story and ICON's printer can create an entire 600-800 square-foot home in less than 24 hours. 

New Story is going to start printing homes in El Salvador within the next 18 months that will meet International Building Code standards. It will be the first community of 3-D printed homes.

"There are

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The next big wireless movement is coming- it's called 5G for "fifth generation," and it's like the switch from 3G to 4G. It will greatly increase wireless speeds and smartphone and tablet capabilities, but there's a catch. 

The new technology doesn't rely on the giant cells and towers we've grown used to. Instead it uses something called "microcells" which use many clusters of smaller antennae that will be strung up in our neighborhoods. 

The microcells will look like small boxes or a bunch of small boxes and they'll hang on existing telephone poles, street lights and buildings. The small boxes will be accompanied by a larger power box on the ground, situated every 500 feet.

Some local governments are voicing their opposition to the idea of

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With a strengthening economy, mortgage rates are rising quickly and that can make a big impact on the path that buyers take when house hunting. 

As more time goes by and rates increase, buyers are more likely to stop searching until they make more money or settle for a smaller house. According to a recent realtor.com survey, 44% of buyers said if rates went up they'd settle upon a downsized house that costed less and required a longer work commute. 

Mortgage rates are the highest they've been in four years with a 4.6 percent rate on 30-year fixed loans and the feds say it's likely short-term rates will be risen this year too. First time buyers may be affected by rising home costs and interest the most because it places many of them out of the

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WalletHub, a personal finance website, has just released its 2018 Property Taxes by State report, comparing home and vehicle taxes across the country.

Every year, the average American household spends $2,197 on real-estate property taxes, and 27 states charge an additional $436 for vehicle property taxes.

Florida, however, has a much lower tax burden, with no state income tax and residents don't have to pay any vehicle property taxes. The property tax rate in Florida is neither on the high or low end of the list, ranking in the middle at 27th out of 50 states and the District of Columbia.

This is good news for Florida residents- more money in your pockets.

To see the report by WalletHub which includes insight from finance experts,

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The newest year-to-year marketing report from the Florida Association of Realtors shows a double digit increase in closed sales on single-family homes $600,000+ in Palm Beach County.

When comparing year-to-year numbers in January, we see that the overall inventory in Palm Beach County is down and median sale price has gone up. This is a good incentive for those thinking of listing and also a nudge for potential buyers to hop to it.

Closed sales in January were 1,103 in 2018 and 1,146 in 2017, a 3.8% decrease.

In the luxury category however, closings on residential homes $600,000-$999,999 increased 11.8% and home sales in the $1 million+ increased a whopping 28.4%. 

Jeffery Levine, President Elect of Realtors of the Palm Beaches &

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According to recent reports, Palm Beach County is one of Florida’s fastest growing metropolitan areas. Palm Beach County’s population growth has risen 2.8 % percent, coming in behind Orlando and Fort Myers.

The most recent population estimate done in 2016 by the U.S. Census Bureau said the area was home to 1.44 million people. The recent reports have predicted that the population will hit 1.5 million this year, two years earlier than The University of Florida’s Bureau of Economic and Business Research have predicted.

A boost in homes sales, commercial activity, and housing affordability are considered some of the reasons for the economic growth. Palm Beach County offers some of Florida’s highest wages and low unemployment. The area has seen a lot of

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Canadians are growing more and more fond of the idea of having a vacation home in South Florida, according to the numbers on new marketing reports from the Florida Association of Realtors. 

Canada has an especially cold winter which is part of the reason they've been moving to the area, and its consistently strong housing market has seemed to motivate Canadians to sell their primary residences.

In 2016, Canadians accounted for $8.9 billion residential property purchases in the U.S. according to the National Association of Realtors, but in 2017 they more than doubled their purchases to $19 billion.

South Florida, particularly Palm Beach County, has proven to be an attractive destination. For example, Canadians account for 15% of the 3,400

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