Real Estate Trends for 2018
It seems that at the beginning of every New Year, it is time to reflect on the year prior and make goals for the coming year. If you are growing a real estate business, there are changes coming in 2018 that might make your future look bright. Factors such as inventory, price appreciation, and regional shifts might be the things you need to make 2018 your best year yet!
Supply and Demand
According to Realtor.com, it appears that the shortage of homes for sale will ease up in the second half of 2018. This could have a huge impact on would-be buyers who have been frustrated in their search for a home in the previous months. New construction is driving this trend bringing new homes to the market and allowing people to trade up into a brand new home.
What does this mean for your business? Those clients you have that haven’t been able to find a home that meets their wish list and is in their price range might be able to find that home with the inventory increasing. Be sure to touch base with those buyers and encourage them to keep looking.
If you haven’t tapped into this generation, now is the time to do so. This age group still has student loan debt, but they are also having more success of obtaining mortgages at varying prices and not just starter homes. Their incomes are beginning to grow, and investing in a house this year makes sense for their financial health.
It would benefit your business to reach out to this group by attending young professional gatherings and events in the community that cater to the millennial generation. You might find a lot of people ready to think seriously about buying a home.
The trend for 2018 home sales seems to be heading south, and that means southern cities are seeing increasing growth due to corporations that have been relocating there. Along with jobs, the weather is hard to overlook and the lower cost of real estate and living. This will also be affected by the increase of the housing inventory.
You may not live in the south or plan to move anytime soon, but you can cash in on this by researching good real estate agents in popular southern cities and sending referrals. It’s not a home sale, but it will amount to some money in your pocket.
Start out 2018 strong by planning for these new trends. Making the most of what know about the coming months can do much to increase your business.