We’re now in the last leg of 2018, but the real estate market is still experiencing an uptick. Positive developments have enabled the residential market to recover a decade after the economic crisis of 2008, ad realtor and real estate buyers are enthusiastic for new possibilities. One thing’s for sure, technological disruptions and generational preferences are impacting the areas of property development and investing, and stakeholders in the industry will only have to adapt to stay competitive.
If you’re a broker or a property developer or just about any real estate professional, it’s important to understand the trends that are making an impact this year and the next.
Let’s look at this trends and see how they can make real estate seamless and intuitive for the modern market.
1. The use of drones
Property sellers can benefit greatly from using drones. One thing’s for sure, when a home gets listed in the MLS and promoted through social media, high-quality pictures are important. More so, buyers are likely to consider a property based on how it looks from different angles. With drones, sellers can take stellar shots of their properties and allow them to provide potential buyers with a full 360-degree view.
To make full use of drones for your real estate business, you will need to install high-end GoPro cameras. You can also fly the drone and take great aerial shots, especially direct top-view shots of the roof. Apparently, this is much better than using screenshot from Google Maps.
2. Baby-boomers are moving out
The baby-boomer generation helped build the modern real estate market. At present, though, most members of this demographic are retiring and instead of buying single-family homes with their self-directed IRAs, they are instead selling these homes and moving out to apartment complexes. This explains why many of these retirees are moving into lifestyle communities, or what’s considered as downsizing.
For investors in the multifamily markets, this allows for a great deal of opportunities, considering the volume of retirees. The number is gradually picking up as potential multifamily markets are emerging.
3. Millennials are buying homes
While baby-boomers are scaling down, millennials are taking the spotlight as a potential market for single-family homes. This comes as a majority of millennials consider buying homes. In fact, Inc Magazine even points out that at least 66% of first-time homebuyers belong to the millennial crowd.
Being tech-savvy, millennials prove to be better informed of the buying process. With the rise of real estate apps, the process gets even more rationalized and streamlined to serve this high-potential segment.
4. The rise of prefab homes
As a property developer, you will have to focus on making sure your projects are well-equipped with the right amenities. In this case, you will need to find the right contractor for trenching and boring, build the right facilities, and plan out healthy communities with the right features.
Along the lines of home construction, you may as well adopt prefab technology which is gaining traction in recent years. As property development revolves around functionality and sustainability, it’s only best to make use of off-site fabrication options as a cost-effective and efficient alternative.