Let’s face it – real estate is a complicated business. Regardless of whether you just want to sell your home, or you’re looking for a career in real estate; you’ll need to become familiar with the intricacies of this market. And that doesn’t just mean getting to know the day-to-day facets of this business. Especially in today’s world, real estate is a fast-changing game. Which means that you’ll have to constantly follow the latest real estate trends, if you want to stay on top. With that in mind – we’ve prepared a few short and long-term trends that you should be aware of. So read on and enjoy!
Slower growth dictates more imagination
So, let’s say that you want to sell your home, find cross country moving professionals in Virginia, and move somewhere else. If you want to get the best price you can, you should learn about the latest real estate trends. And we’re not just talking about the local market; if you want to play this smart, you could even find yourself getting into the real estate business by pure chance. After all – knowledge is power. And if you’re someone who’s already a part of this industry; knowing the latest developments will do you well. With that in mind, we’ll take a peek at the general outlook first.
Remember, real estate is, at the end of the day, a market like any other; meaning that the general changes in the national economy impact it quite a lot. And if we could describe the coming changes with one word, it would be – slowdown. Indeed, while it doesn’t seem we’re entering any sort of economic crisis; the big economic upswing of recent years seems to be winding down. Which means one crucial thing for the real estate market in general; all of the low-hanging fruit is basically gone. If you want to make a huge profit as a seller now, you’ll have to be more imaginative. So, take a look at emerging markets, or renovation and flipping of old buildings. Perhaps you’ll want to think about office space for particular business niches; basically, the possibilities are endless. But one thing’s certain – you’ll have to do a degree of thinking.
Second cities are all the rage
As we’ve already mentioned, if you want to learn about the latest real estate trends; one of them is the need to examine secondary markets. As the economy starts slowing down, you’ll have to do more out-of-the-box thinking if you want to make money as a seller. That’s why looking at alternative markets compared to the mainstream ones is a good idea.
So, if you’re selling a property and looking to reinvest; we recommend taking a look at some of the smaller cities in the US. This is doubly true if you’re prepared to wait a bit to make good on your investment. As economists have predicted for a long while, smaller US cities have started experiencing a revitalization; meaning that more and more millennials have begun moving or returning here. The math is simple – as more job opportunities appear in smaller local economies, especially with the Internet giving you the option of working from anywhere; these small towns and cities are becoming a more affordable option than living in a bustling downtown area and spending a fortune on mortgage or rent.
An eye for details
While suburban areas and second cities are on the rise according to recent real estate trends; don’t think that traditionally high-volume environments are losing their place in the world of real estate. If you’re a building investor or owner in a bustling city, you’ll find that the apartment arms race is still going strong; in fact, it’s more apparent than ever. And what exactly are we talking about here? Well, building owners and managers have long struggled to offer the best possible amenities in their properties; attracting more reliable and luxurious tenants and buyers.
But while this used to mean having easy rooftop access and a gym in the building; these days, you have to invest additional resources if you want to attract the right people. As buyers become more and more demanding, you’ll need to stay on top if you want to deal with the best people on the market. So, as a seller; examine how multifamily developments that are truly cutting-edge are attracting buyers. You’ll find that these now include some previously unthinkable amenities, such as movie theaters and co-working spaces. Sure, this may seem like quite a lot; but in the world of smart-technology homes and plenty of real estate options; just having a laundry room isn’t exactly enough.
Big long-term changes
Sure, most of the things we’ve mentioned represent mid-term real estate trends at best. But are there any long-term changes that will completely change this market over the coming years? The answer is definitely a resounding ‘yes’. For one – you can expect tech companies to have a much larger influence on real estate. After all, these companies always have their eye on older industries they bring innovation to; but that also means having more influence over traditional realtors. And seeing as real estate makes up around 13% of the US GDP – this is a great place to invest in.
So, expect more inroads to be made by tech startups, as well as already established companies and service provides. This isn’t just a pipe dream either; which you can confirm by looking at venture capital investments. Real estate tech projects may raise more than $5 billion by the end of this year; which means that we’ll be seeing quite a few tech-powered changes in this industry over the coming years.
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by home owners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
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