Current Real Estate Market
The real estate market is an ever bustling one, to say the least. For realtors, potential investors or those looking to purchase a home, it is important to be aware of the current trends as they give a peek into the future, giving you a platform to make informed decisions.
Younger generations coming to the fore
Understandably, the real estate market is traditionally dominated by the older generation but the narrative is gradually changing. More millennials are purchasing homes and this increase has been attributed to the friendlier financial climate. Interest rates have gone down and the time feels right to cash in on a real estate.
The climate looks even more favorable for Generation Z because unlike their predecessors, they are coming of age in a rapidly recovering economy implying less burden of student-loan and better job prospects. Any prospective or existing real estate entrepreneur that wishes to stay relevant in the coming years would pay more attention to the tastes of the coming generations.
Suburban is the new sexy
Blending the amenities in urban centers with the serenity and affordability of suburban region is what many desire, and this desire is being fulfilled with the development of suburban settlements into Suburban.
This trend is also attributable to the first as Millennials love the urban lifestyle, but can only afford houses in suburban centers. This has led to the addition of urban facilities to existing suburban centers. About 80% of residential growth is forecast to occur in suburban centers compared to the 15% forecast in urban centers.
Viewing from above
The turn of the new year was hugely anticipated in the real estate industry and the clearance of commercial use of drones by the Federal Aviation Administration contributed in no small part to the excitement.
Drones are no longer exclusively seller’s tools but home buyers now use drones to inspect the roofs and surroundings of houses especially when they can’t carry out proper home inspection. The drop in prices of drones also facilitates drone-viewing as more people now have access to these devices.
The real estate industry is not left out of the internet revolution. Many consumers now prefer to search for real estate online and online real estate ad clicks are rapidly increasing. Realtors are taking advantage of this by placing more focus on online advertisements. This trend is expected to continue for a very long time as the newest generation will lean toward mobile searches.
Given the relative stability of the real estate market, it is safe to predict these trends will dominate the near future, except something profound disrupts the present tilts.