Housing trends for 2019
With a new year comes new challenges for the real estate market. Advancements in technology, changes in demographics and government policies will keep agents on their toes for the months ahead. Here are a few trends and predictions for 2019 and how agents can keep one step ahead.
Embracing the digital transformation
A Price Waterhouse Cooper report showed that only 10 percent of real estate CEOs are concerned about the rate of technological advancement, compared to 38 percent of CEOs in all industries. Predictive data analytics, artificial intelligence, and virtual and augmented reality is changing the real estate industry. VR and AR experiences allow clients to tour properties around the globe from the comfort of their home, while blockchain technology could help to reduce fraud. Forward-thinking agents should keep abreast of the latest technologies in order not to fall behind.
With the increase of self-employment rates, you might encounter more buyers looking for homes that will function as both their living and workspaces — especially among millennials. Some may require a space suitable for seeing clients and holding meetings. Others may want to use their home as an office space for other employees to work in. Those in creative industries may require additional spaces for their craft, such as photography or art. Agents can start looking at properties with this lens to better cater to these clients.
Housing prices will continue to challenge first-time homebuyers as single family home prices hold steady and the condo market remains hot. Real estate agents can make themselves experts in creative financing and funding, developing connections with alternative mortgage lenders and handy information sheets for prospective buyers explaining programs like the First Time Homebuyers’ Plan that could help ease their financial burdens and make home ownership a reality.