Dec. 8, 2016
SAN FRANCISCO – Dec. 7, 2016 – The recent presidential election had a strong influence on buyers' attitudes based on political party, according to the 2017 Housing Outlook Report released by Trulia. The surprising outcome injected both optimism and pessimism into consumers' expectations about next year's housing market.
- After the election, Republicans seemed to feel a surge of renewed positivity toward the 2017 housing market, saying it will be a better than 2016 thanks to a 26 percentage point swing toward optimism compared to numbers before the election.
- Democrats turned bearish, swinging from a position of optimism before the election to pessimism after. Democrats' optimism about buying a home in 2017 fell 23 percentage points after the election.
The survey also found that fewer Americans viewed homeownership as a part of their American Dream for the first time since 2011, with the percentage dropping to 72 percent from 75 percent last year. Millennials, aged 18-34, saw the biggest drop, to 72 percent from 80 percent. However, 83 percent of millennials still plan on buying a home, but most (72 percent) won't do so until at least the end of 2018.
And while rising mortgage rates could move homeownership out of reach for some Americans, most people in the survey didn't rank rising rates as a top concern.
Top consumer concerns about buying a home
- Saving for a downpayment (59 percent)
- Having poor credit (38 percent)
- Rising home prices (35 percent)
Florida metros dominate top 10 "markets to watch in 2017"
Trulia identified 10 real estate markets poised for growth based on strong job numbers over the past year, low vacancy rates, high affordability, online home searches on Trulia, and a large share of Republican households given their 2017 optimism. Based on these metrics, three Florida metros have market conditions strong enough to land the top three spots heading into next year: Jacksonville, Cape Coral-Fort Myers and Deltona-Daytona Beach.
Top 10 housing markets to watch in 2017
2. Cape Coral-Fort Myers
3. Deltona-Daytona Beach-Ormond Beach
4. Grand Rapids
5. Tampa-St. Petersburg
6. Colorado Springs, Colo.
7. Charleston, S.C.
8. San Antonio, Texas
9. Phoenix, Ariz.
10. North Port-Sarasota-Bradenton
Harris Poll conducted the surveys online from Oct. 26 to Oct. 28 among 2,007 adults (aged 18 and older) and again Nov. 15 to 17 among 2,081 adults (aged 18 and over) by on behalf of Trulia.
© 2016 Florida Realtors®