Find more essays from each of the panelists at this year’s Economic Forecast Breakfast at www.columbian.com/economicforecast
As we look into 2015 and prepare our business plans, there are three areas that stand out: New neighborhoods are now ready for construction of homes, more buyers are coming back into the new-home marketplace, and energy-efficiency and green construction practices are continuing to gain momentum.
For the first time since the Great Recession, the majority of Clark County new-home construction will take place in new neighborhoods, developed since the downturn. This creates excitement for the new homebuyer, in that they will have new locations to choose from, the best selection of home sites, and they will be surrounded by the latest in updated new homes. This development trend will continue through 2015 and is especially evident in Camas, Ridgefield and central Clark County.
The number of buyers in the marketplace continues to grow since the downturn. For the past few years, the empty-nester or “move-down” buyer has been dominating new home sales. As employment in Clark County continues to grow, we will see an increase in the move-up buyers, and the first-time homebuyer will return. The first-time buyer will be primarily made up of millennials (ages 21-34) who have been largely absent from the market, due to a weak economy, college debt and postponement of family formation. With these new buyers will be a demand for diversity in home styles and sizes.
