Real Estate is slowing down—which means you need to streamline your business, reduce your costs, and double-down on your marketing efforts.
In the Forbes 2020 Real Estate Outlook, analyts Aly J. Yale writes, “Odeta Kushi, deputy chief economist at title insurance and settlement services provider First American, there’s “emerging consensus” that rates will remain low next year—likely somewhere between 3.7% and 3.9%, she says. Forecasts from Freddie Mac and the Mortgage Bankers Association back this up.”
Good news for real estate? Not so fast! Prices will keep rising, and inventory will be tight. Daryl Fairweather, chief economist for real estate brokerage Redfin, explains, “Right now we aren’t seeing a ton of new listings. Without more listings coming on the market, there will be more competition starting off in early 2020 and that will lead to more price pressure.”
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Higher prices will have lots of impact across the industry: Boomer’s holding on to higher-value homes will keep inventory tight, while Millenials seek lower priced homes by moving into the suburbs, leading to what some are calling “Hipsturbia” – a new trend for 2020. Forbes writes, “They’re looking for affordability as well as urban staples like dining, shopping, entertainment and jobs, all within a walkable distance.”
This is part of a live/work/play formula that developers are capitalizing on, as described in the Emerging Trends in Real Estate 2020 report recently from the Urban Land Institute & PwC.
Millenials will be changing the face of the mortgage industry, too. Sean Hundtofte, chief economist for online mortgage lender Better.com, says, “In 2020, we’ll continue to see Millennials growing their share of the mortgage market, which in turn, will serve as a catalyst to lenders to continue to rapidly innovate their technology offerings to meet the expectations of an audience more accustomed to an Amazon, Venmo-like experience.”
So what’s it all mean? Lots of change in a tighter real estate market – which means YOU need to take action to stay on top of it. The 2020 market is going to leave behind real estate’s low-performing agents, brokers & teams, but reward forward-thinking innovators who aren’t afraid to upgrade their technology, embrace advertising & marketing, and build a rock-solid team to keep their pipeline flowing. What’s the best way to do that? A virtual assistant!
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