2018 has been a surprising year in the world of real estate. Just as every period in real estate differs, 2018 has been no different. For this reason, real estate agents need to keep an eye on the market to pay attention to any new trends.
Real estate agents with their finger on the pulse of upcoming trends can prepare for changes in the industry before they happen. According to five members of the Forbes Real Estate Council, these following are the trends that have been seen so far this year
Advancements in Tech
New advancements in technology are certainly transforming the world of real estate. Alex Chieng holds that certain companies like Trulia, Zillow, and Redfin are just a few examples of businesses that are successfully incorporating the latest technological advancements to change the face of the industry.
The Popularity of Blockchain
Blockchain is changing the world and the real estate industry is no exception. As Garratt Hasenstab points out, certain blockchain-based apps are already changing how investors, sellers, and buyers interact with one another. Moreover, blockchain technology changes the types of properties investors have interests in. This new world of blockchain welcomes disintermediation, transparency, and unleashed liquidity.
The Return of Co-Ops
In the past few years, the real estate industry has seen a decrease in the number of investors putting money into co-ops. However, according to Elizabeth Ann Stribling, 2018 is seeing a return of the co-ops. Buyers are turning to co-ops as their prices are moderate in comparison to other properties like condos.
The Continued Rise in Home Prices
In the years between 2012 and 2015, the real estate market saw a rise in the price of homes. In today’s market, the price of homes is still rising. As Elliot Bogod points out, the growth in the average price of homes is between 5% and 10% each year in the past few decades.
More Millennials Buying and Renting Homes
The reality of millennials and the real estate market is that more of them are buying homes. According to Susan Tjarksen, this group of buyers makes of a significant number of the rental market for luxury homes.
The retail market is increasingly susceptible to trends. By paying attention to these five trends, real estate agents will be able to better prepare for new shifts in the industry.