Our only goal here at Radius is to help real estate agents be at their best, at all times, and our app along with the Referral Concierge Program is already doing that. Since the real estate market is usually a roller coaster ride, we wanted to be sure what the market situation is going to be like in the near future.
We dug deep into our data to come up with insights that can support these market trends we’re about to discuss. Now that we’re halfway into the year, we can say that these trends will continue to persist even after. So, all real estate agents out there, these are the trends that are going to change the market.
Real Estate Trend # 1 – Residential Real Estate prices are skyrocketing
The residential real estate market has seen high demand and low supply, and this divergence has resulted in home prices going up. This is true for the most part because this was observed from the start of 2018, where homebuyers found it excessively difficult to save money for the down payment, even. This eventuated the sellers having a lot more control of the situation. However, this trend is seeing the end of its span.
Real Estate Trend # 2 – Real Estate supply is looming up to meet demand
This trend is quite the contrast from the first one, isn’t it? The market observed the rising prices in the first half of the year when the demand for the residential real estate was quite high, and the supply didn’t quite match. As the second half of the year took over, the supply began to catch up. This didn’t quite change the increase in prices all that much. Yes, the prices did fall, but it was insignificant. Homebuyers can now find a great deal of real estate they can invest in, but the prices still remain to soar.
Real Estate Trend # 3 – The rise of the Planet of the Mortgage Rates
Another setback, especially for first-time homebuyers. Finding a suitable property to invest in was a problem, to begin with. Now, keeping up with the mortgage can really pull the life right out of homebuyers. This situation may not be all that bad because banks are now actively loaning money to the homebuyers. This has created a massive change in the real estate business as opportunities for home buying are on the rise.
Real Estate Trend # 4 – Did you say Short-Term Rental?
Yes, yes we did. The above trends caused and continue to cause a severe fluctuation in the economy. While people are finding it difficult to keep pace with the situation, the growing popularity of short-term rentals comes to the rescue. Homeowners can make money by renting their house or even just a room.
Tell us what YOU think!
We want to know what you think can impact the real estate business since you talk to the buyers and sellers, and make sales. Let us know your opinion!