Mark Kravitz, Global Real Estate Advisor, ONE Sotheby’s International Realty
The real estate industry is always evolving and in the upcoming year the market will continue to see changes, with uncertainty at the forefront. While an economic slowdown is expected in the market in 2019, shifts towards technology and sustainability could provide new opportunities for growth.
Uncertainty presents a challenge to the market in 2019. Growth has slowed down and shifts in what buyers want will affect the direction in which the market goes next. From the big cities to tiny towns, rising prices are continuing to cut home affordability for Americans. However, even with these challenges and slowed growth, new opportunities have also emerged in the market.
New Markets and New opportunities
It’s not all about downtown anymore. Suburban markets are expected to increase in demand as the millennial generation finally begins to make the move to single family homes. Cities with good public transit and walkable developments are especially in demand.
Tech will rise to the top
Every part of the real estate market will continue to see the impact of rising tech. From the construction tech used in the building to process to the high-tech amenities inside to how a home is sold, expect to see the effects of tech continue to trend.
Buyers and builders alike see the value in green homes. With recent concerning reports on climate change, a desire to limit negative environmental impact is only increasing. The industry will no doubt continue to make use of green practices to be socially responsible and increase their desirability to environmentally conscious buyers.
With uncertainty and challenges on the rise, 2019 could be a complicated year for the real estate market. However, with the millennial demand for homes increasing and constant new opportunities, the glass is certainly half full.