ORLANDO, Fla., Nov. 6, 2016 /PRNewswire/ -- Housing affordability, demographic shifts and e-commerce's impact on retail spaces are among the top pressing issues Realtors ® should be knowledgeable about heading into 2017. That's according to a forum on the emerging trends affecting real estate at the 2016 REALTORS® Conference & Expo.
Providing their timely insights on residential and commercial real estate were two speakers with leadership roles from the Counselors of Real Estate ®: Scott Muldavin, 2017 chair, and Peter Burley, chair of the group's external affairs committee. For the past five years, the committee has identified and released a top 10 list of the issues and developments that will define the real estate industry in the upcoming year. Muldavin and Burley launched into the interactive discussion by talking about the current global and domestic opportunities and threats. Geopolitical and economic uncertainty, volatility in the energy markets and weaker trade volume could slow U.S. growth and lead to fewer job gains in the year ahead. These set of dominoes - if prominent and prolonged - could have the potential to eventually trickle down and impact residential housing. "The good news is that even with U.S. economic expansion at around 2 percent, the U.S. is still outperforming other major countries around the world," said Muldavin. Burley pointed out that demographic shifts are also poised to transform the real estate industry now that millennials have taken over baby boomers as the largest generation. With a growing share of millennials now entering their mid-30s, an increasing number of them will be getting married and eventually having children. This points to strengthening demand for buying a home. Meanwhile, baby boomers' tendencies to age in place creates opportunities for commercial real estate in the form of medical and assisted living facilities development.