With each passing year, every industry is bound to go through a number of changes and developments, and real estate is no exception. Though real estate is one of the most constant and consistent industries in the United States, it is not immune from the ups and downs that any industry will naturally face on occasion. Most recently, real estate—as with just about every other industry—has been greatly affected by the emergence of the digital age, and as such it is responsible for many of the most popular real estate trends this year. Other trends more directly result from things such as economic trends and fashion, which tend to fluctuate and change with every new season. Here are a few of the most popular new trends in real estate this year.
The overall market in the United States is currently continuing to trend up with strong sales and a healthy inventory. This is a trend that is suspected to continue, as the market is being boosted by a demand that has built up over time, a flourishing job market, and growing families. Though borrowing costs have risen, the market is projected to continue its rise thanks to prices remaining largely affordable. There are some discrepancies within the nation however, as coastal markets are slowing ever so slightly, and the metropolitan South is projected to experience a housing boom in upcoming years.
Buying By Generation
There are also a few differences when you take age and generation into account. First time home buyers are now older than ever, thanks in no small part to the recession. Though the biggest first time buyer demographic is still Millennials, many generation X-ers with new growing families are expected to enter the market for the first time, now that they have a steady income, a stabler market, and a family to accommodate. Meanwhile, many Baby Boomers are looking to downsize.
Millennials are also getting involved in the real estate market, and a lot who own condos or starter homes are now looking to trade up for something bigger. The only problem for them is that many markets will not support this, as more and more people opt for renovations over new property buys. To fund the upgrade, many millennials are actually investing in secondary properties, fixing them up with a home warranty, and renting them out to new tenants.
In an attempt to reconcile the desire to be in the thick of it within a big city, and the need to live in a more peaceful suburban environment, there has been somewhat of a rise of the semi suburb in recent years. It is a trend that is particularly prevalent among the millennial generations, many of whom work in tech industries in big cities, but who are looking for a quieter low cost community with good transport, walk-ability, and close proximity to a big city.
The Rise of Digital Tools
Digital tools are having the biggest impact on how houses are viewed, and how they are bought. Online Multiple Listing Services now make it easy for buyers and sellers to work alone, cutting out the realtor listing fees in the process, encouraging a rise is FSBO (for sale by owner).
Because of these listing services, there has also been a digital boom in online house viewings, including a rise in virtual tours. Potential buyers can now sift through online listings and view multiple houses at once, looking through 360 degree tours of each one. Drones and Google Street View also provide tours of neighborhoods, which allows for better research for those moving from out of town.
Real Estate trends are constantly changing and improving daily, which is great news for people in the housing market. This technology driven industry, full of forwarder-thinkers, always has something new and exciting to offer.
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