The real estate industry can be incredibly tricky. There are many different factors that impact the industry and how well that markets are doing. Accurately predicting market trends can make or break investors. While different economic trends fluctuate, so does the real estate market. Here are some of the trends changing the real estate industry today.
We have watched as technology has slowly impacted our daily lives, so it only makes sense that it’s focus has shifted to include the real estate industry. Expect to see an increase in tech firms and startups looking to get ahead in the real estate industry, many mimicking the model Airbnb introduced to the economy. There are new platforms in the works centered around home selling, rather than the traditional method that has been used for years. This is expected to fluctuate as new tech is developed, but it’s certainly an area to keep an eye on.
Recently, very serious reports regarding climate change had impacted people to make some much-needed adjustments. This includes the real estate industry, specifically when it comes to building and constructing properties with sustainability in mind. Experts in the industry recognize their responsibility and welcome green practices to their businesses to create a better world for everyone.
It’s no secret that affordable housing is a major issue our country is facing, especially in our most populated cities with competitive markets. It’s expected that by 2030, the United States will need 4.6 million additional rental units. While this is possible, the question remains how quickly can these be produced, and will they be affordable? While this factor remains highly important in the real estate industry, it’s more so a reflection of our economy overall.
With that being said, all economic aspects are relevant when it comes to them having a positive or negative effect on the real estate market, so it’s crucial to keep an eye on this as we progress into the new year to better predict market fluctuations.