If you are looking for some indications of what the real estate market will do in 2018, you’re not alone. Real estate has changed and the modern real estate market is affected by everything from world events and new technology to local economies. There are still some major influences that are likely to shape 2018 real estate trends.
More components of homes are arriving at construction sites prefabricated. The rapidly-rising demand for new homes coupled with an ongoing labor shortage means construction companies must embrace construction automation and are constantly looking for new ways to improve efficiency.
More specialized real estate agents
Home buyers and home sellers will always need knowledgeable guidance from actual people who understand the intricacies of their local market. The industry is increasingly competitive and changing. To differentiate themselves from the pack of “sell anything” agents, savvy agents will narrow their focus and become experts in their area.
During the housing market collapse and Great Recession, the households hit hardest by the mortgage crisis dominated headlines. Their numbers are estimated at more than 7.5 million. Their credit was damaged by foreclosures, short sales, or late payments. They are now past the seven years needed to repair their credit and again eligible for home loans.
Generation Z coming of age
The first wave of Gen Z-ers turned 18 in 2017. This upcoming generation has lower interest rates, better job prospects, and a greater desire for homeownership than many of the preceding generation.
Online brands more important than ever
Modern home buyers expect to find their homes, mortgages, and answers to all their questions online. When choosing a real estate agent, they look for more than just contact information. They expect credentials, testimonials, and a detailed portfolio of your work as an agent.
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