Home-ownership rates have been and will continue to fluctuate for a variety of economic and other reasons. As recently as 2016, for example, the rate of home ownership was lower than it had been for 50 years. During that year, a certain percentage of buyers did purchase homes for investment purposes, however. This amounted to roughly 19% of the home sales that took place in 2016. The good news is that further growth has been predicted.
Suburban Communities and Residential Growth
Over the next ten years, residential growth has been specifically predicted to occur within suburban communities. These communities are expected to experience an 80% increase in growth, which is substantial. This is due, in part, to the popularity of brand-new home constructions located in planned communities. Since these developments tend to have energy-efficient homes with a variety of floor plans and other welcome amenities, they are often preferred over older homes that may need renovating. Many new and first-time buyers also don’t want to deal with the type of plumbing and electrical issues that are often associated with these older homes.
Comparative Market Analysis
Since the crash in 2008, the housing market has experienced some gains. When it comes to conducting a comparative market analysis, there has been an increase in median home prices. In 2008, for example, the median home price was $177,000.00. By 2017, there was a 16.9% increase to $207,000.00. The Census Bureau reported that in February 2018, the median price of new home constructions was $326,800.00.
One of the positive aspects of this increase in median home prices is that it has assisted with recouping some of the losses sustained by investors and other property owners. Another point of interest is that both Millennials and Gen Yers purchased homes in 2017. The buyers within these two age brackets comprised 34% of overall home buyers during that year. The number of Millennials and Gen Yers that will purchase homes in the upcoming years is also expected to increase.
How to Increase Your Business
When your real estate business has a well-designed website, this can make a significant impact on your presence and sales. A recent study showed that 96% of consumers were more apt to trust a site when it was well-designed. It’s interesting to note that this was more important to consumers than content. Younger home buyers tend to conduct Internet searches in order to locate a home to purchase. The National Association of Realtors reported that this was the case with 56% of the buyers that were 36 years of age or younger.
In order to stay on top of sales and other trends, it’s important to have the right type of real estate software. CMA software for realtors is an effective tool that can assist you with conducting a comparative market analysis. In addition to increasing productivity, this software can conveniently generate up-to-date reports for client and investor presentations. When you speak to a representative about real estate CMA software, they will be able to provide you with more detailed information. Furthermore, they will be able to discuss other available products and services that can be of benefit to your business.
