Wondering about the state of the real estate industry? After a massive set-back during the recent recession, a lot has changed. Don’t rely on the knowledge your last real estate agent gave you five or ten years ago. Here are seven real estate trends for 2014.
Emerging Trends in Real Estate
1. The Housing Market is Recovering, but Slowly
The real estate market is finally recovering, but it’s not recovering very quickly. The rate of recovery relies on the job market, which still has plenty of room for improvement.
2. It’s a Seller’s Market Now
If your real estate agent didn’t get you a great deal on a nice house a few years ago, you may be out of luck. With many of the cheap homes already sold and several families still looking for homes, it’s a seller’s market now.
3. Millennials Aren’t Buying As Quickly As Their Parents Did
Homeownership used to be the American dream. Today’s generation, however, is playing it safe. In light of the recent recession, millennials are waiting longer than ever to call a real estate agent.
4. Urban is In
While some homeowners still love the suburbs, more and more homeowners are now asking their real estate agents for urban options with plenty of shopping and public transportation nearby.
5. Buyers are Finding Alternative Lending Sources
Getting a bank loan is more difficult these days, so homeowners are finding ways around it. Many now get lending from alternative sources with less strings and hassle.
6. Multi-Family Living Will Decrease
Many families had to move in together during the recession to make ends meet. Now that things are looking up, real estate agents are seeing less of a demand for multi-family living.
7. Condos aren’t as Popular Right Now
Real estate agents are selling nearly as many condos currently either. People are playing it conservative, and condos simply aren’t the ideal option for many people.
For more home selling direction, or to schedule an appointment, you can contact Ed Rippee at (816) 587-2323!
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