It's still close to the beginning of the year, and that means new opportunities to plan ahead for your business. Have you thought about what you are going to do differently so that this year your business moves to the next level? Whether you had a great year and are ready to expand on that, or had a disappointing year and want to turn it around, now is a great time to think about new ways to grow your business. Trend analysts have gazed into their crystal balls, and here is what they are predicting for this year.
- The rise of Surban living --A generation or two ago, it was all about the suburbs. Then younger buyers couldn’t get enough of high-rise lofts and industrial spaces in the city centers. Now 2019 has a new watchword: s urban. Mixed-use developments just outside of the downtown area with a blend of suburban amenities--youth-friendly and sport-friendly parks, strong public schools, and a focus on inclusiveness--combined with walkability and a big-city shopping, entertainment, and restaurant scene. Experts predict nearly 80% of residential growth to be in suburban communities over the next 10 years driven in part by these types of integrated plans.
- Continued low interest rates- -The election results have come as a surprise to many, and with uncertainty over just what shape the newly-elected President’s economic plan will have, interest rates are predicted to stay low. That’s great news for Buyers and for Realtors as they avoid fears of a market adjustment brought on by higher mortgage rates.
- Start looking ahead to Generation Z- -You thought millennials were the only younger buyers to think about, but the next generation will begin to turn 18 in 2019. And unlike their predecessors, this generation is serious about finance. Having lived through the economic collapse of 2008, Generation Z tends to be far less idealistic than their millennial predecessors. Think fewer Art History majors and more Computer Science majors. And unlike millennials who are suspicious of the trappings of conformity, 97% of Gen Z wants to own a home. What a bright future!
- Affordability matters --As the middle class struggles with affordability concerns, especially in highly desirable urban and suburban markets, cities are pushing more and more inclusionary zoning policies, as well as rent control and development impact fees to offset cost. New York, Atlanta, Washington D.C., Nashville, Portland, and Los Angeles are all exploring proposals and policies designed to make housing more affordable and renovation projects are being given affordability targets in many markets.
The market is changing, demographically, economically, and geographically. Business as usual is not going to help you grow your business the way you want to. You need to be able to move as quickly as your clients, and to provide the best market analysis, data driven advice, and instant updates. In addition, you need a website that is SEO and mobile optimized, so that your young client on the go or your time-crunched young family can get the information they need quickly and easily.
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