As a real estate professional, it’s your job to stay on top of the latest industry trends. Not only will this help you better serve your clients, but it will also give you a leg up on the competition. To make things easy, we’ve compiled a list of the seven latest real estate industry trends all realtors should know about. Keep reading to learn more!
The Sharing Economy is On the Rise
The rise of the sharing economy (think Airbnb and VRBO) has significantly impacted the real estate industry. More and more people are choosing to rent instead of buy, which means there is less demand for traditional residential properties. That said, the need for vacation rentals is higher than ever before. In addition, many savvy realtors are capitalizing on the trend by offering short-term rentals or property management services.
Environmental Sustainability is Important
More and more homebuyers are looking for environmentally-friendly features when they purchase a property. Solar panels, rain barrels, and energy-efficient appliances are all in high demand. If you have a listing that features any of these elements, highlight them in your marketing materials! You can also look into pyramid roof lanterns to give the property a brighter, airier feel. These are becoming increasingly popular in the real estate industry as they help reduce energy costs.
Virtual Reality is Transforming the Homebuying Process
Virtual reality technology is becoming increasingly popular in the real estate industry. Potential homebuyers can now “virtually” tour properties from the comfort of their homes! This technology is not only convenient, but it’s also changing the way people shop for homes. With virtual reality, buyers can get a realistic sense of a property before they step foot inside it. As a result, they can narrow their search more quickly and make better-informed decisions.
Baby Boomers are Downsizing
There’s a new trend developing in the real estate industry: Baby Boomers are downsizing. As this large generation enters retirement, many choose to sell their family homes and move into smaller, simpler dwellings. There are several reasons for this shift. Maintaining a large home can be costly and time-consuming, significantly as the homeowner age. Moreover, many Boomers want to downsize to reduce their carbon footprint and live more sustainably. And finally, as empty-nesters, Boomers often find that they don’t need all the extra space they once did.
New Home Automation Technology is Taking Center Stage
Home automation refers to using advanced technologies to control and automate home systems and appliances. This includes everything from thermostats and lighting to security and home entertainment systems. While home automation has been around for several years, it is only recently that it has really begun to take center stage in the real estate industry. There are several reasons for this trend.
First, as tech-savvy buyers become more prevalent in the market, they are increasingly demanding homes equipped with the latest in home automation technology. Secondly, as homes become more complex and interconnected, the need for sophisticated automation systems has also increased. Finally, as prices for home automation technology have come down, more and more buyers can afford these high-end features.
The Luxury Real Estate Market is Booming
The luxury real estate market is booming! While this may not be news to you, it’s worth noting that high-end properties are more popular than ever before. So, what is driving this growth? There are several factors, but one of the most important is the increasing wealth of high-net-worth individuals. According to Credit Suisse, there are now more than 63 million people worldwide with investable assets of $1 million or more. That’s an increase of nearly 20% from just a few years ago. And, as these individuals continue to accumulate wealth, they’re increasingly likely to invest some of it in luxurious real estate.
The Rise of Smart Homes
It’s no secret that technology is transforming the way we live our lives—and that includes our homes. These days, there’s an app for just about everything—from controlling your thermostat to ordering groceries—and homebuyers are taking notice. In fact, according to a recent survey, 74% of respondents said they would pay more for a home that came with smart home features already installed. If you’re not already marketing your listings as “smart homes,” now is the time to start!
The bottom line
These are just a few of the latest trends impacting the real estate industry. Make sure to keep up with the latest developments so you can stay ahead of the competition and make sure your clients have access to the best properties on the market. By staying up-to-date on these trends, you’ll be better equipped to serve your clients and stay ahead of the competition.
