The New Real Estate Market Landscape
What is the Real Estate Market Landscape in New Jersey?
Business trends, the economy, politics, and other factors have an impact on today’s real estate market. It’s important to pay attention to the real estate market landscape and use the new rules to your advantage.
What does that mean for buying, selling, renovating, building, and investing in real estate today?
Live Wherever You Want
Thanks to the “work from home” movement more people have the freedom to live wherever they wish regardless of how close it is to a job. This movement is having an impact across the globe. In New Jersey, there is a growing number of home-based businesses and remote employees. After Hurricane Sandy, many businesses were forced to allow their employees to work from home … and it worked. And the growing number of millennials in the workforce, have taken to remote work as they’ve mastered the work-life balance.
For many in New Jersey, this is a good thing, it allows them to live where they want, where they can afford, and where they will not be subjected to insane traffic gridlocks. The Jersey Shore is the place many want to live.
Technology
Technology has already made some major impacts on the real estate industry and we expect to see more and more changes. Real estate agents used to have to hire a photographer to photograph the house and rooms, now 360 photography is being used, and many are starting to use video. Virtual reality walk-throughs are not too far behind. And believe it or not but Blockchain is expected to have a huge impact on the real estate industry – more in the article “Don’t Miss these 5 Real Estate Tech Trends in 2018” by James Paine on Inc.
The technology being used to create smart homes is in big demand as well. The smarter your properties are the more appealing they will be for buyers, renters, and investors.
Multi-Generational Housing
From the “sandwich” generation to the Millennials, we are seeing multi-generational housing becoming more in demand. Properties with two master suites, multi-family homes, and home with separate entries are high the list for many.
Eco-Friendly
“Green” homes are becoming the norm. If someone has the option to make earth-friendly choices they will, especially if there are long-term cost savings. The tricky part about eco-friendly real estate is that “eco-friendly” can mean something different to each person. It’s practically a given that every home should have insulation and Energy Stinsulatedted windows and doors. A house could have all Energy Star appliances. Solar could be installed with electric vehicle charging stations. The paint used could be organic, non-toxic. Even the treating of the wood beams of a home can be done in a non-toxic, eco-friendly process. Re-use/recycle is yet another way to “go green”. Anticipate the questions and determine which aspects of eco-friendly homes are important to you.