If you own a real estate business, you know that the state of the housing market is changing every year-and you need to change with it.
Real estate trends determine how realtors should work with homebuyers and sellers. If you’re behind on the current trends, you’ll lose clients to other businesses.
Here are the five trends you need to know about so your business can have a fantastic year in 2019.
1. Mortgage Interest Rates Are Rising
After several years of very little change in interest rates on mortgages, we’ll see a change in 2019. Interest rates are expected to reach 5% for a 15-year mortgage.
What does this mean for real estate businesses? It means that homebuyers may be more hesitant to purchase homes. Let homebuyers know that by working with your business, navigate the market to find them the perfect home.
2. Home Prices Are Increasing
Over the last couple of years, home prices have been increasing. This trend is expected to continue through 2019.
This is great news for home sellers. If you are working with a client on selling their home, they may be in for a huge profit.
If you’re helping a client find a home, make sure their expectations are tapered if they’re on a tight budget. It may take time to find the perfect house that falls within their budget.
3. More Houses Will Be for Sale
Although mortgage interest rates and home prices are increasing, there will be even more homes for sale in 2019. So while homebuyers may feel discouraged by increasing prices, they should know there will be plenty of opportunities to find a perfect, affordable house.
This also means there will be more competition for home sellers, so it may take longer to sell a house, especially if your prices are increased. You can utilize sources like this company to help sell homes faster.
4. The Majority of Homebuyers Are Millennials
There are more millennial homebuyers than there are baby boomer or gen x home buyers. This means real estate businesses need to be catering more to the millennial generation. What does this mean?
Millennials care about easy online shopping and being able to see online reviews. They also care about the quality and location of a house more than the size. They want low-maintenance and energy-efficient homes.
5. Social Media Is Affecting Real Estate
With millennials taking over the housing market, you better believe social media is playing a much bigger role in real estate. Millennials are using social media and review sites to find realtors to work with.
So what does this mean for your business?
Your real estate company needs to have a social media presence on Facebook and Instagram. You also need to make sure your online reviews are looking good.
Understand Real Estate Trends for a Killer 2019
If you want your business to thrive in 2019, make sure you take advantage of these real estate trends. By understanding the state of the market and catering more to millennials, you’ll be in for a successful year.
Check out our real estate blog page for some more helpful information!