Staying on top of these real estate industry trends will help your business thrive.
The real estate market has certainly had its ups and downs this year. Those who work in the industry know that the market can change quickly. This means you need to stay on top of the latest real estate industry trends. Keeping your eyes open and making yourself aware of upcoming changes, will assist your business in maintaining an edge over competitors. Here are some of the latest real estate industry trends that we highly recommend you watch:
1. Co-op properties are returning.
Due to a downward turn in the financial markets, many large cities have seen a significant reduction in the co-op sales. A co-op building is one that is owned by a company. When you buy a co-op you aren’t buying real property – like you would for a condo – but are instead buying a share in the company. But as the economy and financial markets appear to be regaining their footing, there will be a substantial rise in co-op resale opportunities.
2. Home prices will continue to rise.
It’s no secret that the last decade has had an unfortunately devastating impact on the home market. Some larger cities (and even small ones in some cases) have seen double-digit growth on the price of homes for the first time in years. Some experts have been touting the possibility that we might be seeing a normalization of the real estate market.
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3. Retail space will be redeveloped.
Technology has certainly changed the way we shop. This has had a devastating impact on brick and mortar retail properties. As many retail locations struggle to keep their doors open, it will become increasingly likely that a sizeable percentage of these properties will become empty. One of the most interesting real estate industry trends is investors taking these empty properties and converting them to multifamily condominiums.
4. Millennials will be buying their first homes.
While there is a lot of truth in the financial struggles facing many millennials, there are still many people from this group that are seeking to buy their first home. Homeownership is still a dream for many people, so the demand among this age group will remain strong.
5. Low inventory will continue in some locations.
Despite the financial concerns of many people throughout the country and rising interest rates (which may discourage them from purchasing a new home), there is a surprising lack of inventory is some locations. There could be a variety of factors that are impacting why many homes aren’t hitting the market as quickly as they should. Therefore, it’s important that real estate agents do their best to promote now being a great time for homeowners to sell their homes.
6. Real-time management of your brand will become more common.
People these days seem to live on their phones and mobile devices. Many companies have accounts on social media networks like Facebook, Twitter, and Instagram, so it’s more important than ever that you are being diligent in the management of your online presence. Younger clients, like millennials, for example, are likely to ask you questions about properties through social media or your website. And they also expect a quick response. Essentially, long gone are the days when someone could submit an online form and you get back to them in 2-3 business days. Now, consumers expect responses in real-time.
7. Technological advancements will continue.
Mobile devices and the convenience of applications for the way people live, work, and play continues to be one of the top real estate industry trends that you’ll want to track this year. Web services like Zillow, Trulia, and Homesnap have changed the way that buyers search for homes and have also changes the way that sellers and agents market their properties. Real estate agents need to be aware of technology and how it is impacting their industry so they can be prepared to adapt quickly.
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