Changes In The Real Estate Market
The real estate market is constantly changing over the last 10 years. Here are 4 of the biggest ones.
The internet has changed the game for agents - Over the past couple of years, people are heading to a real estate website rather than contacting their local real estate agent. But this is also a double edged sword; agents are easier to find and access now a days because of the internet. A quick Google search can show you dozens if not hundreds of agents in their area.
Public transport and "walkability" - Studies are showing that as millennials are starting to buy houses, they are wanting to live in neighborhoods close to shopping and work. They also like being able to access public transportation. This is also happening with the elderly community.
Houses are selling faster - Viewing a house online has now become the new first showing. This is taking a significant amount of time off of the buying process. It's taking less time for home buyers to make a decision on their purchase. Instead of finding a home through an agent, buyers are able to find homes they are interested in online.
They would rather rent than buy - Consumers are seeing people around them experience issues with their home value and negative-equity. Also, the cost of amenities such as pools, washer & dryers or a fitness center and very high. With renting an apartment, consumers have access to all of that for little to no cost to them. Let's not forget there is no fee for repairs or maintenance costs when renting from a landlord.