For most of the country, the real estate market stood strong in 2017. As we enter a new year, the market is expected to remain the same and plenty of people are excited about it. This being said, some housing markets are getting more expensive and many people are having trouble finding a home within their price range. If you are considering buying a home within the next year, you need to be prepared for competition from other buyers. The knowledge of next year’s real estate trends can give you a leg up on out-bidding your competitors.
Lack of Inventory
One of the main causes for an increase in real estate prices is a lack of inventory. There are simply not enough homes for the number of interested buyers in the market. Home builders are not building more homes for several reasons. First, many home builders are still recovering and scarred from the last housing crash. They fear if they build too many homes, their company funds will be exhausted.
In addition, there is a massive shortage of construction workers in many parts of the country. It comes down to the fact that people are not willing to work in the construction field for the low compensation being offered. Until this issue is resolved, it is expected that the housing shortage will continue. As a result, most real estate experts believe that limited inventory will help increase housing prices in 2018.
Buying a home is one of the most important financial decisions in someone’s life. With higher demand and limited inventory, potential buyers should expect higher real estate prices next year.
There are areas of the country where ordinary buyers simply cannot afford to purchase a new home. This is an issue for several reasons. Many buyers are moving to areas where the cost of living is much less expensive. This is one of the reasons why states like Illinois have had to deal with a reduced population over the past few years.
Another important trend in real estate is the willingness of homeowners to invest in home improvement. Plenty of homeowners are comfortable spending money on projects because they have equity in their homes. Anyone who purchased a home several years ago should have some amount of equity on their property.
The real estate market should continue to experience pricing gains in the years ahead. This is great news for anyone who already owns a home.
Any successful professional will tell you that their network means everything to their career. Whether you’re in finance, tech, or real estate, the people you surround yourself with can make or break your long-term achievements. Having a strong professional network is especially key when it comes to the real estate industry. The support of a strong colleague group is something that will further your professional success and will also help to expand your knowledge in the field.
In real estate, reputations are the foundation of your work. A large portion of client base comes from word of mouth, especially for agents. By having a network of colleagues in all areas of the industry, you create resources for yourself to utilize down the line. As the real estate industry has many facets, a well-rounded agent will familiarize themselves with each branch of the business. Knowing someone in all areas including; development, investing, contracting, and architecture is best practice for a thriving real estate career.
Most major cities are hosts to several real estate networking events each year. Even if you are unable to attend all, showing up at one can make all the difference for your career. At these events there are some best practices to abide by;
- Take more business cards than you hand out. You don’t know who will actually reach out so if you have the contact information, at least you can make the first means of contact.
- Be a good listener. While professionals attend these events to meet others, most like to talk about themselves. Give them the time of day, it could go a long way.
- Utilize your time wisely. Likely, you will run into another agent who you know, say hello and move on, you aren’t there to catch up with old friends.
- Preparation is key. Know what you want to say and keep it simple and know who you want to say it too. Often people get lost at networking events talking to one person. Work the room and know who you want your audience to be.
If you’re in real estate you probably aren’t a shy person. This is because in our industry your personality and enthusiasm are your best marketing tools. Real estate is something that is never going out of style, so create a strong network that supports you and your goals. You can never have enough connections to get you further in your career.
With the millennial generation reaching an age where they are becoming first-time homebuyers, the question is whether they’ll follow their parents home-buying trends. While most people assume that they will flock to big cities to support the “work hard, play hard,” lifestyle that is popular among twenty-somethings, in this case, the conventional wisdom is wrong.
In reality, millennials are increasingly turning to the suburbs as a location for their first home. One survey, conducted by the Demand Institute, found that 48% of millennials said they would look to suburbs when buying their next home. There are multiple things that millennials are finding attractive about the suburbs. For one, housing prices tend to be less expensive in the suburbs than for homes or apartments in cities. Suburban homes also offer more space, which many millennials are now claiming is an important factor in their home-buying decisions. In addition, living in the suburbs isn’t always a constant commute as it used to be since many jobs, especially in the technology sphere,let employees work part-time or telecommute.
Aside from greater indoor and outdoor space, millennials also increasingly list open kitchens as a desired aspect of a new home. Because these are more difficult to find in cities, they are yet another reason that renting an apartment isn’t always the go-to option for millennials anymore. It is also important to note that most millennial homebuyers are turning away from single=family suburban ‘starter homes.’ While starter homes are usually thought of as the go-to choice for first-time homebuyers (hence the name) millennials are looking for properties with more space if they can afford it.
As millennials move towards the suburbs, the big cities are becoming far less attractive. Affordability is commonly listed as the primary barrier to buying a home, which makes popular cities like New York and Boston increasingly unaffordable for millennials. This has led them to turn to the more-affordable suburbs. However, not all cities are considered unaffordable my millennials. Fortune lists Salt Lake City, St. Louis and Denver as three of the most popular destinations for millennial homebuyers. The increase in small businesses and low-cost housing in these cities are making them popular destinations for millennials, and as more of their peers move to these cities, they become increasingly attractive.
Overall, along with these newer, hipper cities, suburbs are becoming the most popular home-buying destination for millennials.
About Tracey Rancifer
Tracey Rancifer was born and raised in West Little Rock Arkansas, a city which has been influential in the way she thinks about commercial and residential real estate. She attended Rhodes College pursuing her B.A undergraduate degree in Political Science, and then University of Little Rock, Arkansas for her Masters in Public Affairs and Administration. The breadth of her work experience involves and is not limited to working as a development executive with private entities, and in the public sphere with the municipal and federal government level. Tracey Rancifer provides her clients with a solid consultation and approach to real estate buying and selling through the “Tracey Difference”, a phrase coined to distinguish her results driven approach to buying and selling properties to her clients.
Finding an agent in Little Rock takes minimal effort. However, finding a real estate agent in Little Rock who will tailor to your best interests, and those of your family’s might take a little more work. This is where Tracey Rancifer comes in. Tracey has worked as an executive in municipal government, federal government, and as corporate development executive. With professional experience and higher education, Tracey possesses the negotiating skills, logistical tools, and academic abilities to provide superior client service from contract to close during the real estate transaction process.
Tracey Primarily Focuses in these areas:
- Chenal Valley (West Little Rock)
- Wellington (Villages of Wellington)
- Central Arkansas (Maumelle)
- The Heights/Hillcrest
Tracey is highly involved in her community, and in various real estate associations in the area. As an Arkansas native armed with lifelong personal knowledge of the area, Tracey has extensive experience in the Little Rock metro area and integrating this experience to establishing her company has proven to be very advantageous. Currently, Tracey serves on the Arkansas Home Inspection Registration Board, American Heart Association – Go Red Committee and the Arkansas Real Estate Foundation.
In 2005, Tracey was voted real estate agent finalist in the Arkansas Democrat Gazette’s “Best of the Best” Real Estate Agent Division. Considering every real estate professional in Central Arkansas was eligible to be nominated, the distinction of being named a finalist represents Tracey’s work ethic, professionalism, and commitment to her client’s objectives.
Whether you are buying or selling, find out for yourself what the “Tracey Difference” really is and it won’t take long to discover why she really is the “Best of the Best” in the Little Rock metro area.
“Deal of the Year” Award from the Real Estate Board of New York (REBNY)
Named one of the three new inductees to the Ethics Committee of REBNY
Named to the Executive Board of New York Residential Specialists (NYRS).