The real estate market has changed a lot over the past few decades. Agents need to keep up with the latest trends so they can stay ahead of their competition and provide clients with an exceptional experience. Here are some of the most significant trends in today’s real estate market:
Millennials are driving the market.
Millennials are the largest generation in history and they’re buying homes, but not at the same rate as previous generations. Millennials are more likely to rent than own. They’re also waiting longer before purchasing their first home–the average age of first-time homebuyers has increased from 30 years old in 1990 to 31 years old today. But despite these trends, millennials still make up nearly one quarter (24%) of all home purchases nationwide in 2018–that’s more than any other age group!
The Millennial generation is reshaping the housing landscape.
The Millennial generation is the largest in history, with more than 75 million people born between 1980 and 2000. This generation has a diverse range of characteristics. However, it’s fair to say that most Millennials are part of the workforce, starting families, and buying homes.
Millennials account for about 25% of home buyers across all housing types (single-family homes and condos). As this group continues to grow in numbers and reach financial independence, which happens at different ages depending on where you live. Their presence will continue growing stronger within our nation’s real estate market.
More competitive than ever before
The housing market is evolving swiftly, and agents should understand how their clients are changing. The housing market is more competitive than ever before. It’s also more diverse and global, with buyers and sellers from all over the world looking for homes in different places at different times. It means that if you’re going to succeed as an agent, you need to adapt your approach accordingly–and quickly!
The good news? You don’t have to start from scratch: there are plenty of resources available online like San Diego real estate market trends report that can help you get up-to-date on what’s happening right now in the real estate market.
Homes sold over the asking price
There were a record number of homes sold over the asking price in June. The average home price is up 5.9% from last year, and this increase is due to more buyers in the market and more homes for sale.
Investors’ role in housing markets
Investors are continuing to play an essential role in some markets around the country. While they may not be buying as many homes as they did before, investors still represent a significant portion of the market and can impact the pricing and inventory levels.
In many metro areas, investors are driving up home prices by purchasing properties that would otherwise go unsold. It helps homeowners avoid foreclosure but also makes it more difficult for first-time buyers to buy their own homes because there aren’t enough available homes on the market. In addition, when investors buy homes to rent them out rather than live in them themselves (as happens with vacation rentals), this further reduces inventory since those homes won’t count toward total housing stock until they’re occupied by renters.