The past 10 years in the real estate market have brought about a plethora of changes. From the revolution brought about by ever-evolving technology to a shift in the desire of sellers to feel emotionally connected buyers, the real estate markets looks vastly different than it did a decade ago. Here are what I consider the four most significant changes within the last ten years.
Homeowners are getting choosier. A recent study released by Coldwell Banker in which they did a ten year review of the United States real estate market says 59% of homeowners accepted the first offer on a home sale 10 years back. Now, only 46% do so, suggesting owners are pickier in selling their houses.
“Walkable” communities are in demand. “There has been a rise of planned mixed-use walkable communities, appealing to both Millennials and retirees, who increasingly prefer to live in walkable communities with public transportation and cultural amenities,” says John Boyd, founder of the Boyd Co., a corporate site selection firm in Princeton, N.J.
Online and mobile have changed the role of brokers and agents. The actual process of finding a home has changed a lot, says Max Galka, founder of Metrocosm.com, a statistical data firm geared toward urban communities. “Previously, it was common to find a home through a broker or agent, in classified ads and via yard signs,” Galka says. “Today, the Internet is everyone’s first stop. The role of brokers and agents has changed as a result. It was often necessary to go through an agent just to see what homes were available. Today, nearly every listing is posted online.”
Homes sell faster. Houses are moving faster because of that technology. “The ‘first showing’ for any home is now over the Internet,” says James Simpson, chief executive at SQFT, an online real estate services site. “The second showing is in person. In years past, [having a] first showing in person wasting a lot of time for everyone.”