Here are some of these predictions.
- It will be a seller’s market in the first half of the decade. However, the second half of the decade is likely to become a buyer’s market as millions of baby boomers want to start a retirement, condominium, or apartment community.
- The technology will increase in all aspects of real estate. Virtual 3-D tours are the norm.
- More iBuyer companies will expand to all regions, making buying and selling faster and more reliable.
- Due to the inadequate supply of affordable housing, especially in large cities, living together is also an option for unrelated people.
- A presidential election will slow the market down due to uncertainty.
- More new multi-family building will outperform luxury condominium developments.
- Complexes like racetracks, green roofs, transit options, and work-from-home technology options are likely to be more in demand for more efficient and environmentally friendly amenities.
- Buyers want a higher quality product instead of paper thin walls, cheap surfaces and poor layouts.
The role of the agent
The role of the real estate agent is changing. Technology is included in all aspects of the transaction. Listing agreements and offers in paper form are neglected in relation to electronic signatures and the immediate creation of files. Marketing is specifically targeted at a specific target group, such as home buyers, the downsizing of baby boomers, or families who want a particular school district.
The agent needs to use various property valuation models to determine the right price, condition, and location, and to know the local market in order to offer their customers full value. Agents know that customers have a choice, so the agent must be available and communicate at every level throughout the process.
The agent must understand the design and marketing trends and keep up to date with changes in the law that may affect real estate. They are a mixture of real estate education, marketing and design expertise, combined with financial know-how.
More and more brokers will offer concierge services to increase the value of a property before it is sold. These concierge services include tidying up, cleaning, repairing, painting, inspecting, staging, and possibly home ownership and financing options.
Although market corrections are likely to occur in the next 10 years, Americans still view real estate investment as the primary source of financial prosperity. If there is a recession, it is not due to the real estate market, but rather to a trade policy, a stock market correction or a geopolitical crisis.
The US real estate market remains stable. Our economy is good, the labor market remains strong and the unemployment rate has dropped. Mortgage rates are low and are expected to remain so.
Just as WebMD and other similar websites will never replace healthcare professionals, real estate technology, including artificial intelligence, can never fully replace the benefits of having an experienced real estate agent’s experience of facilitating home buying and selling.
Contact Premiere Stagers & Realty at 608-345-9396
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