We’ve pulled together fifteen surprising Real Estate Trends impacting the current market. Here are some strategies to consider when looking to Buy or Sell in 2018.
This year has been one of twists and turns for real estate and as with every real estate year, the market can shift in an instant. For this reason, Julie Harrison’s Real Estate Team keeps their eyes open for the next up-and-coming trend to hit in order to be best prepared for customers like you.
Knowing in advance what to expect in terms of market trends for the real estate industry will not only give you an edge over the competition, but helps Julie’s Team serve customers better by being ready and able to implement, react and inform you about the ways the market can shift in the coming months — in both good or challenging ways.
Here are some trends that have been most surprising so far in 2018, from the return of co-ops, rising home prices and more.
1. Technology Advancements –
Companies like Redfin, Zillow, Trulia and Homesnap have been changing the way sellers and buyers perceive the market to this to maximize exposure for their listings.
2. Return Of The Co-Ops –
For the past several years, new downtown development in the Manhattan condo market are taking a big bite out of the co-op resale market. With so many new (and more expensive) projects, we’re seeing buyers return uptown to purchase co-ops because the prices are more moderate in comparison.
3. Home Prices Still Rising –
The real estate market indicates that home prices might rise more slowly in the months ahead but are still rising. During the years 2012-2015, we saw 12%-15% growth. Average home price growth over the last few decades is somewhere between 5% and 10% per year.
4. Millennials are Buying Homes –
Even though several articles say millennials do not want to buy a home or that they cannot afford it, yet home-ownership for this age group is absolutely on the rise. This age group is still a significant portion of the luxury rental market, and the baby boomers who just sold their houses are also increasing the luxury-rental base while supplying the market with available properties.
5. A Steady Stream Of New Construction –
The top trend we’ve seen so far has been a steady stream of new construction. A stable pipeline of new buildings means the rental and for sale properties will maintain above long-term averages across the U.S.
6. Low Available Inventory
The drought of available inventory has been the most surprising trend by far. Whether the underlying reasons are demographic, economic, regulatory (i.e., zoning) or a combination of both, we aren’t seeing as many homes hit the market as expected. – even with the baby-boomers relinquishing homes for the new desire to become renters. Julie’s team prompts inventory, stays on top of potential new listings and is available to explain the current seller’s market to homeowners at every turn.
7. Visual Marketing Materials Soaring –
There is a huge uptick in recognizing the value of using professionals for all visual marketing needs — virtual staging, drone video and photography, virtual tours, interactive floor plans and more. Hiring the pros to help will continue to be less of a “nice to have” and more of a “must have” for agents, homeowners and home seekers alike – and is a priority service that Julie Harrison Real Estate offers clients in every possible way. View some of the marketing services that Julie Harrison Real Estate supplies customers to give an edge every step of the way on her SELL with JULIE page.
Or contact Julie today to learn your best strategy for buying or selling this year.