This year we have witnessed an unpredictable real estate market. It should be no surprise when we experience market shifts. This requires professionals in the real estate sector to focus their gaze on new market trends. Advanced knowledge on what to anticipate when it comes to market trends will give your business a competitive edge when compared to customers. Here are insightful real estate trends that will dominate a great portion of the 2018 market.
A Rise in New Technology
Just as with every other sector, technology and innovation are transforming our real estate industry. Agents are forced to make adjustments to limit their exposure to such listings. Leading company agents are changing perceptions among buyers and sellers.
Use of Blockchain
Blockchain has transformed into a global phenomenon. We have felt the influence of blockchain in many sectors of the economy. Real estate is no exception. Applications running on the blockchain platform are changing how investors interact among themselves. This has opened up a new world of transparency, liquidity, and disintermediation.
Rising Home Prices
Housing prices in Portugal during the second quarter rose by 4.53 percent this year. An unprecedented surge in demand has fueled this boom mainly driven by an improved economic outlook. Lisbon has seen a revival in the downtown property market after the ease of long-held rent-controls. The government instead began offering tax breaks and residence permits to foreign investors. The tourism boom has also fueled demand for rental apartment and hotels.
Increased Retail Sales
It is no surprise that retail sales are affecting malls. There is the limited choice on how to re-adapt the malls. However, a good number of retail locations are excellent spots for residential redevelopments.
There have been articles that say millennials can hardly afford a home, let alone want to invest in them. This age group claims a significant share of the homeownership market. A significant portion of the baby boomers and luxury rentals are engaged in the real estate market directly.
A steady rise in the development of new buildings is keeping rental prices in check. This helps maintain a low rise in rental prices. Most of 2018 has seen rental prices at their lowest.
Low Level of Inventory
The low level of inventory has been the best trending topic by far. The most underlying issues are economic, demographic, regulatory or a combination of both. Many homes felt a market hit from the market. Agents must do better when promoting inventory as they explain the current selling prospects to homeowners.
Social Media Management
A new powerful trend is the use of online branding. This real-time management has gotten more popular than predicted, especially if it has a positive impact on your business.
Recently there has been a rise in agents using professionals when conducting their visual marketing needs. This covers photography, drone video, virtual staging, interactive floor plans, and much more. Hiring the professionals will be a must-have for homeowners, agents, and other home seekers.