Over this recent year, there has been many twists and turns regarding the real estate market. The market can shift in an instant, as seen in every real estate market year. Real estate professionals need to keep their eyes peeled for the next up and coming trends to hit due to the ever-shifting market.
Keeping yourself up to date on what to expect in terms of market trends in the real estate industry will give you an edge over your competition. Being in the know will also help you better serve your customers. You’ll be ready to tackle any market shift both positive or negative.
Below is a list of real estate trends in 2018 that have been shifting us thr0ugh the real estate market.
Advancements in Technology
Technological advances in the real estate industry have been frequent and somewhat hard to keep up with. Since the technology is rapidly changing, all agents should adapt to maximize exposure for their listings. A variety of companies like Zillow and Trulia have been changing the way sellers and buyers perceive the market. It is now crucial for agents to quickly adapt to this new reality.
Blockchain being the highly trending topic that it is, applications are changing the way buyers, sellers, and investors interact with each other and the properties they have interests in. This is a new world of liquidity, transparency, and disintermediation. The real estate world continues to rapidly change and we must change as well to not fall by the wayside.
Dive in Retail Assets
Because online sales are killing malls, we still have seen adaptive reuse. Many of these retail locations have excellent economics for multifamily redevelopment. We should hope to see more mall-to-multifamily conversions in the future.
Millennials Purchasing Homes
There have been many articles saying millennials do not want to buy a home or that they cannot afford it. In reality, homeownership for this age group is on the rise. It is a good thing that this age group is still a large portion of the luxury retail market. We see baby boomers who just sold their houses are an increasing renter base as well.