Real estate trends fluctuate as much as the market itself. What was once a hot commodity may now be relegated to nothing more than a nostalgic memory. However, it is important to stay relevant with real estate trends, as they serve as market indicators for those who understand them. Reading and predicting them correctly can result in a very lucrative career. Be sure to stay ahead of the curve.
Accordingly, here are the top 6 real estate trends for the month of September:
Generation X’s Housing Market Presence
Generation X, including anyone between the ages of 33 to 47, collectively made up 31% of the homebuyers market between July 2011 and June 2012. Perhaps even more importantly, Generation Y made up the second largest percentage of homebuyers, at 28 percent. These stats, made available to us by the National Association of Realtors (NAR), acknowledge a shift in buying trends. Younger generations are now a considerable part of the housing sector. Potential sellers should adjust their strategies accordingly. For comparison purposes, baby boomers made up just 18 percent of the market.
Mobile Real Estate Apps
The progression of technology has made its presence known within the real estate industry. A myriad of tools, both online and off, have been developed with the sole purpose of assisting residential developers. As perhaps the most popular advancement, mobile real estate apps have become a critical component to any respective business. Consumers are becoming more comfortable searching for real estate on their mobile devices. It is critical that you optimize your particular website accordingly. Responsive webpages will allow prospective buyers to view your site on the go, increasing your online presence.
According to The Search Agency, an online marketing firm, real estate ad clicks on smartphones grew 10.7 percent between the fourth quarter of 2012 and the first quarter of 2013. If that wasn’t significant enough, tablet ad clicks increased by 20.2 percent over the last quarter and 87 percent over the last year.
Paperless Real Estate Trends
Aside from the obvious eco-friendly benefits, a paperless business model streamlines the most tedious of tasks. Ultimately, going paperless allows you to spend more time helping your clients than dealing with paperwork. Several platforms and tools are already made available to the public that facilitates paperless transactions. Taking advantage of them will provide your business with a secure database in which you may store critical documents. Furthermore, these programs allow you to create and transmit documents electronically from any device.
Increasing Inventory Levels
Housing inventory levels were subjected to significant restrictions over the past year. However, it appears as if the recovery has slightly begun to increase the amount of houses made available on the market. On a national level, listings increased by 4.3 percent to 1.9 million homes in June, according to Realtor.com. The increase is representative of the highest monthly jump the housing sector has experienced in the last year. If property values continue to rise, we may see even more houses placed on the market in the near future.
Drone Photography
The use of miniature remote-controlled-helicopters, believe it or not, has become increasingly popular within the real estate community. Their capabilities are particularly useful when taking aerial photographs of a subject property. But it’s important to note that this marketing practice currently violates Federal Aviation Authority rules pertaining to the use of drones for commercial purposes. The agency is expected to release proposed rules for such use later this year. Congress has given the FAA until September 2015 to finalize a plan.
Micro-Apartments
With property values on the rise, it is no surprise that people are flocking to micro-apartments in cities with significant appreciation. Micro-apartments, as they have been so aptly named, are often less than 200 square feet. They are, for all intents and purposes, the ideal dwelling for minimalists. This trend has become popular in cities like San Francisco, New York, Seattle and Boston, as the cost of living in each is growing out of control.
