2018 has seen many trends in the real estate market that took the world by surprise. No one can be blamed since changes can occur in a heartbeat. But that shouldn’t give market experts a reason to ease up as they still need to keep their eyes peeled.
This is why it is important to expect changes or upcoming trends as this will give you an edge as well as help you better serve your customers.
Here are some of the real estate trends of 2018.
The real estate industry has seen technological advancements which caused rapid changes. Agents now have to be up to date with these advancements in order to help increase the exposure of listings. Companies have now started to change how they approach and have revamped the buyers’ as well as the sellers’ perception of the market.
The development of the market for condos in downtown Manhattan has affected the resale market for co-ops but that reality is changing now that there are plenty of projects that are new and expensive. Buyers are now turning to co-ops as they have become, in comparison, reasonable.
Prices of homes still on the rise
In the upcoming months, real estate in NYC is estimated to rise slowly. There was a growth of 12-15% between the years 2012 to 2015 as the average growth over the past few decades have been somewhere from 5% to 10% every year.
The way buyers and sellers, to some extend even investors, interact with each other are on course for a change due to applications that are based on blockchain. This has ushered in an era where everything is transparent.
Investment opportunities in Texas
There are plenty of corporate headquarters that are huge moving to Texas which makes it seem like the market growth there is independent. Apart from this, there has also been a growth in the oil and gas industry there. All of this points to the fact that it is the right time to invest in real estate in Texas.
Agents in the field have realized the potential of employing highly trained professionals for the photography and virtual tours. Instead of having something like that being a novelty in the past, it has become a must have for homeowners as well as home seekers.
Homes for millennials
Although millennials have been bashed for not being able to buy a house, there has been a gradual increase of millennials owning houses. The luxury rental market also houses a significant amount of people from this age group.