Your Million Dollar Year Day 25 top 10 issues affecting real estate as stated by the Councilors of Real Estate® for 2018-2019. All of these issues are national and they affect the individual communities in differing ways. You will not be surprised to see interest rates, taxes and construction costs coming from a real estate publication. Before now there were really two demographics the industry paid attention to, the first time home buyers and the rest of the groups. The first time home buyers were younger and the rest are older. Now the industry is segmented into four groups and it makes so much more sense. You still do have the first time home buyer and now you have the second property home/condo buyer. The move up is in age and price point and size of home. The next group has larger homes, more area and families still with them. The final group is the oldest who’s families have moved and they no longer need the larger homes. It is a cycle.
The real estate industry is being disrupted by technological innovation which, in turn, is changing the way consumers look for service and information. Discount agencies taking less commission for reduced services like Redfin, Zillow and others making inroads with ill informed consumers. The process of selling a home, or buying a home for that matter, is complicated with many legal and building issues. Your discount broker is ill equipped with experience or specific knowledge to help in the way a professional Realtor® is trained. Other virtual companies are buying their seat at the table with Agents through lower fees and charges. Agencies like eXp and Compass are using VC money to highlight and showcase their benefits. Bricks and Mortar are giving way to virtual offices. Your Million Dollar Year Day 25 top 10 issues affecting real estate