It’s a complicated world, and trends change on a regular basis. As we approach the new year, we also approach a new host of hot trends and issues on the housing market. Here are six major trends that will dominate the housing market in 2018.
Generation X is entering the fray.
Within the next few years, Generation X is going to be moving from apartments to single family homes. Their lifestyle and upbringing is important to consider. For example, Gen X experienced the crux of the housing crisis as adolescents. While they were not homeowners a decade ago, they saw prominent dangers associated with purchasing homes first-hand.
Because of this, Gen X was and is more likely to rent spaces as opposed to purchase their own property. There are hundreds of reasons for this, but a few may be associated with their trust in their real estate teams and their confidence in the housing market. This is why it’s important to prove your trustworthiness early in the process—so as not to stall their buying process.
You need an online presence.
If you haven’t perfected your online presence as a Realtor or mortgage lender, it’s time to start building that foundation. The internet has become the first-hand source for prospective homeowners. If you’re business is not already online, you need to get there immediately. An established and well-executed online presence will win in 2018.
Smart home automation is the way of the future.
In the past, home automation systems were seemingly impossible to sell to middle-class income families. They tended to run on the more expensive side of things, even though their technology covered a wide range of beneficial features.
Now that home automation is becoming more mainstream, and more affordable, it’s easier to integrate this into the housing market. In 2018, watch home automation be an easier sell as it has become more tangible for all income brackets.
Home sales are rising dramatically.
It is predicted that existing-home purchases will rise to 5.8 million in 2018. After all, we have created 16 million new jobs, and an increasingly promising stock market is leading to a general sense of comfort among those looking to purchase homes. In general, newer homes are being purchased at a higher rate.
Prices are rising, too.
Though sales are on the rise, prices of homes are ever-increasing. They’re expected to increase another 3.8% in 2018, and will cause some buyers to change their ideas of their dream homes. It might also cause homeowners to change their spending habits in order to focus more on their housing.
Repose gray is the new white.
Notice a trend towards the usage of gray? If you’re helping a client sell a home, and they ask you what color would be recommended to paint their walls, go with repose gray. Grays are increasingly popular because for starters it’s not white, but also because it’s a good base color which matches anything. We’ll see a rise in homes being sold with gray walls as the base over white in 2018.
Title insurance is necessary—more than ever before!
If you’re a Realtor, lender, or homeowner, all of these factors may seem like a lot to keep in mind. To lessen your stress and to smooth the wrinkles of the home buying process, begin your search for title insurance with Armour Settlement Services today. We’re the premier title insurance company in the United States offering fast turnaround anytime, anywhere, and with the lowest fees.