2016 was a year full of surprises and potential changes in our economy. With plenty of room for change and even further advancements in technology, the real estate market is expected to see a lot of change this coming year. In order to be well-equipped and prepared, protect yourself with a Real Estate Professional Liability Insurance policy and stay abreast of the following trends for 2017.
Increase in drones.
The Federal Aviation Administration has permitted drones for commercial use and, more importantly, real estate ventures. Since it’s legally allowed now, property managers are expected to use drones exponentially more than in previous years to showcase their properties. What’s more, while the use of drones to create those flyovers of properties for real estate agents began to rise this year, home buyers and sellers will be able to use them as well by next year, as operators will no longer need a commercial pilot’s license to fly, although some flights will need the FAA’s or local tower permission, along with a flight plan filed online, explains Market Watch.
Millennials increasing their budgets.
While historically millennials were in the market for their starter home, these individuals are now looking to take advantage of low interest rates and purchase a better home this year. The NAR noted that, in 2016, 17% of this demographic were able to save enough money for a down payment, which was 3 percent higher than all other age groups.
“Surban” neighborhood growth.
Combining suburban life with urban entertainment is the name of the game in 2017. These “surban” neighborhoods are popping up nationwide to accommodate a wide range of income levels.
About Walker & Associates Insurance
At Walker & Associates Insurance, we specialize in providing custom tailored solutions for real estate agents like you. We will evaluate your risk profile to give you an expertly crafted product that caters to your specific needs. To learn more about our offerings, we invite you to contact us today at (888) 920-2139.