2018 has proved to be a great year in real estate, with plenty of momentum for the future. Barry Hers discusses the top trends that left an impact on real estate.
“It’s always important to keep your eyes on the next up-and-coming trend,” explained Barry Hers. “Knowing what to expect next can provide you with an edge and help you understand market trends better.”
One of the biggest trends in real estate is the rise of technology. With technological innovation in the real estate industry, real estate agents around the country are adapting their techniques especially when it comes to featuring their listings. This is crucial for both selling and buying. The tech infusion in the real estate market is changing the way homes are sold and bought, and there are no signs this trend will be slowing down. Companies like Compass, Redfin, Zillow, and Trulia are redefining the process and breathing new life into the real estate world.
Another trend worth paying attention to are the rising home prices. Barry Hers has been speaking on this for years and it’s no exception in New York. The NYC market is an indication that home prices will continue to rise in the coming months as well. Over recent years, the market has grown by 15%, typically in the past, the average home price growth was only 5% per year, this is a massive boost for sellers. If the Manhattan real estate market is an indicator, home prices growth is here to stay.
“As the times change, so do the home buyers,” explained Barry Hers. “It’s no surprise that Millennials are one of the most important home buyers in the current market.”
Millennials are also dominating the workforce and the tech industry so it’s perfectly fitting that they would leave their mark on real estate as well. While millennials continue to purchase homes, they still make up a very large portion of luxury rental properties, especially in New York. This trend looks to only increase in the future.
More than ever, home buyers and sellers are turning digital, and with that trend, they are using visual marketing techniques more than ever before. Home selling has changed forever with the utilization of virtual staging, drone video, and photography, and listing photography and video.
“Using these tools can drastically increase the likelihood of selling your property explained Barry Hers. “It can also help gather repeat business and word of mouth with these trends appearing on social media platforms such as Instagram and Pinterest.
With decades of experience buying and selling homes across New York, Barry Hers is a leader in real estate. Follow along with Barry Hers and stay up to date on the latest tips and trends in real estate.