As we fast approach 2014 at what feels like warp speed, one's thinking often turns to a look ahead for the business year and what experts, pundits, observers and other 'educated' folks think about the real estate market dynamics and "trade winds." I'm reminded of the relevant quote: "He who lives by the crystal ball soon learns to eat ground glass," attributed to Edgar R. Fiedler. But here goes:
1) Millennials gain a foothold, but not towards homeownership. Generation Renter has arrived.
2) In proven seller’s markets (which will be far more common than not) buyers (and brokers/agents) will need to adopt new tools and strategies to be considered truly transaction-ready.
3) Affordability goes down as housing inflation returns to the market via classic supply/demand equation results. Watch for closing cost/tax increases by revenue-hungry municipalities.
4) Check out this great Redfin study (pasted below) re: Buyer Preference rankings by male and female respondents. What’s old is new – true buyer preferences are inherently the same over time. And little male/female divergence in the rankings.
5) Personal networks will retain and enhance in value as social media “over-burn” takes hold. For a zillion reasons, total transparency has more pitfalls than benefits in a hyper-connected world.
From the entire team at BuyerMLS, we wish everyone a happy, healthy and prosperous 2014!
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