The field of real estate is highly impacted by supply and demand based on the current expectations of home buyers and those looking to purchase both personal and commercial properties. Trends are constantly emerging that affect the way people look for and purchase homes and other properties. Without staying abreast of these continual changes, real estate professionals will lack the knowledge needed to remain successful in a field that is always changing. The following trends are currently affecting the way business is performed within the real estate market in the United States.
Four Real Estate Trends Affecting Today’s Market
As an experienced real estate agent serving in a professional capacity, such as Todd Lubar, you want to demonstrate that you’re capable of meeting the needs of any client you work with. Staying on top of emerging trends such as the four listed below can help you do just that.
* Increased Number of New Houses on the Market
The rate at which brand new homes are being built is continuing to rise in many markets today. The number of new homes built in the last year was well over one million, indicating a steady increase in the number of new homes available to first-time buyers. This is a trend that is most likely to continue increasing steadily for many reasons. Today’s home building manufacturers are presented with higher wages, better credit options for the purchase of needed supplies, and a higher demand in the market for new homes overall. Overall, these factors have combined to bring about an onslaught of new homes available around the country.
* Looser Industry Standards Governing Mortgages
Although interest rates on mortgages have faced an increase for the first time in the last decade, changes within the industry standards governing the mortgage application process have made it easier to qualify for a home loan. In addition to looser qualification standards from many lenders, the Federal Housing Administration will also most likely lower the cost of the fees charged to first-time home buyers in the near future. Last but not least, many lenders are also backing much larger mortgages which makes it easier for first-time home buyers to purchase a more expensive home than they would have qualified for in past years.
* Increase in Foreign Buyers of US Real Estate
Although it is a trend that mostly affects larger cities such as New York and Los Angeles, the real estate market is also seeing an increase in the number of foreign purchasers of US real estate. Many of these purchasers are buyers from other countries with failing economies who are looking for a safe place on US soil to store their accumulated wealth.
* Influx of Generation Z First-time Home Buyers
Generation Z is now approaching the age at which they will be looking to purchase their first home. However, these are individuals who have grown up in a completely different world than that of Generation X. Those who grew up in Generation Z are more technologically savvy and have different expectations regarding what they’re looking for in a home. Additionally, they tend to favor smart homes and other technologies now available that help homeowners automate many of their daily tasks.
Who is Todd Lubar?
Todd Lubar is a renowned businessman who got his start in the business world in financing. He currently serves as President of TDL Global Ventures, LLC. Todd Lubar got started in the real estate industry in 1995 after developing a number of close relationships with real estate agents while working in the financial and mortgage industry.
Boasting a successful academic record that continues to spur his success, Todd Lubar attended the Peddie School in New Jersey during his high school years. He then went on to earn a B.A. degree in speech communication from Syracuse University in 1995. With much experience in both the real estate and financial industries, Todd Lubar continues to lend his expertise in terms of overcoming the challenges associated with staying on top of current real estate trends.
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