Every fall, you will start to see year-end recaps on every topic important to people, from entertainment to politics. The real estate industry is no different and today we are looking back at the real estate trends that shaped 2016. Overall, it has been a good year. Nonetheless, there are some important facts you will need to keep an eye on for the coming new year.

We pulled these trends from the National Association of Realtor's Profile of Home Buyers survey. Over the last 35 years, the NAR survey has identified the most significant trends in the real estate industry. Moreover, it is the longest-running series of national housing data, and provides unmatched information. We are sharing 5 takeaways from 2016.

1. First-Time Buyers Are Slow Entering the Real Estate Market - This year, first-time buyers dropped to the lowest percentage of home buyers since 1987, which corresponds to U.S. Census Bureau that home ownership among 18-35 year-olds is at the lowest level since 1994. Unemployment and student debt are the prime changes for young people.

2. The Internet Is Not Replacing Real Estate Agents - Despite the fact that 90 percent of home buyers use the internet during their search process, experienced real estate agents still bring value to their clients. Furthermore, for-sale-by-owner transactions are at their lowest point since 2011. Real estate agents have insights into local markets and real-world experience that the internet cannot duplicate.

3. Bigger Is Not Always More Appealing - Despite chatter about the popularity of tiny homes and McMansions, the typical home size has remained relatively stable. Since 2011, the median size of sold homes has been 2,000 square feet. In 1981, that number was 1,700 square feet. So, while home size has increased, it has not been by much.

4. Down Payments Are Relatively Smaller - When we compare down payments to 1989, when the NAR started tracking it, down payments are lower. Today, the typical down payment is 6 percent for first-time buyers, compared to 10.62 percent 17 years ago. However, down payments are actually up compared to the height of the housing boom, which was as low as 2 percent in 2005-06.

5. It Takes Longer To Find A House - While this number is shorter that 2013, when it took 12 weeks for buyers to find a home, the current average of  10 weeks is longer than what you could consider typical. Between 1987 and 2007, home buyers searched only for 7 or 8 weeks before finding a house.

What haven't we covered yet that is important to you? If you would like to talk about the real estate trends that shaped 2016, or need more information, please contact us.