As the real estate market begins to steadily recover, trends have emerged over the course of 2014 which have impacted the housing industry. Trends are fundamental in nearly every industry, allowing you to forecast and develop a strategy taking you into the New Year. Common trends in correlation with Real Estate would be economic growth. We recommend researching trends that elaborate on capital markets such as debt of capital, debt of state, and flows of equity to name a few. These are great indicators of market stability and if this year would be a year to make an investment, or hang tight and see, there’s always next year right?
In addition to broad trends, we recommend following discussions of metropolitan area talking about what is offered most and least in regards to potential. Look at trends discussing social and political trends and their effect on local real estate. What is going on with technology and property laws etc.! Remember, always take a look at what is going on around you. Read below to check out a few of the 2014 trends we here at SM Sold find both interesting and growing as we reach the halfway point of 2014:
One of the more significant marketing developments of 2014 is the increased use of online activity. As real estate leans more and more towards internet use- including virtual tours, online advertising, and apps which allow easier access to agents and buyers, it is difficult to ignore the fact that real estate is becoming more technologically advanced. Studies show that 90% of home buyers investigated online during their home buying process. Searches on Google regarding real estate have increased 253% over the past four years. Branded real estate sites and agents are now found through the use of the internet more than ever. Even showcasing homes may be a thing of the past as virtual tours will possibly replace them in the near future.
It has been observed that international buyers and investors have been gravitating towards the purchase of U.S. homes within the past year. As the economy continues its recovery, international consumers look to the U.S. for investment and purchasing opportunities. Florida, California, Arizona, and Texas are the states which appear to be booming with global consumers. Florida remains the number one state accounting for the most international purchases within the U.S.
Home Sales Increase
Over the course of 2014, the amount of home sales has increased significantly. The sellers’ market is improving- sellers are taking advantage of the fact that the value of their homes are steadily increasing due to housing recovery. As of now, homes are still 18% below their peak prices of 2006, however it is projected that these prices will continue to rise. On the other hand, the buyers’ market appears to be dwindling as people are hesitant of the higher home prices and a lack of variety within the housing market.
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