2019 will be a year of change for nearly every industry, but especially real estate. We have a rise in younger and younger buyers who are mostly digital natives and are some of the savviest consumers to ever walk the earth. They can have access to reviews, property histories, and real estate agent profiles in seconds and in the palm of their hands. 2018 showed us that if you’re not careful, buyers can know more about a property than a seasoned real estate agent. And it’s just getting worse (or better, depending on your perspective). Here are a few trends to watch out for and to prepare for in 2019.
Home Inventory Will Rise
While 2018 was a banner year for real estate sales, it was also a banner year for builders and new construction. Inventory will continue to rise as builders get better budgets and more efficient at cranking out quality homes. Inventory is high and prices are remaining steady, especially when compared to the median consumer income. Income isn’t rising fast enough to keep up with inflation and home prices, so inventory will be rising as sales slump.
Millennials and Generation Z Are Going To Dominate The Market Share
Forget about Millennials. Their time has come and gone (almost). 2019 is the year that many Generation Z children are graduating from high school and college and are entering the real estate marketplace. By the end of 2019, over 40% of the workforce will be comprised completely of Millennials and Generation Z aged individuals. Are you prepared to sell to these two generations and to meet their ever-changing needs? The future is digital!
The Hammer is Coming Down on Airbnb And Similar Short Term Rentals
You know that when California passes a law on something, that other states (if not the nation) are soon to follow. In 2018 we saw some SWEEPING changes and regulations regarding short term rental property management. And none of it good for property owners. Neighborhoods and city municipalities are fighting back against the growing trend of short term housing rentals and it doesn’t look good for the future of the industry. If you’re thinking about investing in a property to list it on Airbnb and similar services, you may want to think again and move to a more long-term investment property.
Prices Will Continue to Rise
As sure as the morning sun, prices will continue to rise to keep up with inflation, rising labor costs, and unsure international trade and supply concerns. Expect to see prices continue to rise in 2019 even as inventory grows as well.
Find a Real Estate Agent You Can Trust
Enlisting the help of a qualified and experienced real estate agent is more important than ever. You need an agent with the knowhow to guide you through all of the new real estate trends. At Boise’s Best, we pride ourselves on our knowledge of the real estate market in the Treasure Valley. Contact us in 2019 to talk about your real estate goals.