Cafe Realty’s Listing Specialist & Marketing Strategist explains 11 hyper local real estate trends.
Here we are at almost mid year and 2018 is the year where hyperlocal real estate data and clear understanding of the people and process involved are front and center stage. Stay aware…Pay attention… Stay up-to-date with the latest from the team’s experience out there in the field:
- Inventory: It is still at a dangerously low level (for the most part) creating pockets of seller’s markets. Hot markets rely on inventory priced in the sweet spot.
- Migration to Dutchess County: Yes buyers are coming from the NYC metro area and skipping over Westchester and Putnam counties to land in Dutchess County, Hudson Valley’s showcase for farms, natural beauty and wide open spaces plus the Hudson River! The attraction is that there is more value in a home here and less taxes. Commuting may be impossible for some but once you cross that Putnam border it’s love at first sight.
- Exit strategy for Baby Boomers: Now that the boomer age group is as old as 72 and as young as 54 there is a strategy that needs to take place. Stay in my current home and age in place? Move to a local over 55 community for great socialization? move near children? sell a large home and purchase a smaller home or condo? rent in a new place while checking it out? move into a multi-generational household? Options are available for intelligent decisions.
- Relocation: Florida still remains a popular destination with North Carolina gaining ground. Places like Costa Rica, Mexico, Arizona and even Europe are likely to be an option.
- Multiple Homes: Perhaps a boomer strategy is own or rent a small home or apartment in their current location and own or rent a second small home in a location with a different climate. Stay put and buy an investment home in another state. Real estate is local and global.
- Millennials: Oh sweet baby millennials, children of boomers, delightfully authentic, transparent and very much in the know when it comes to home buying. The largest generation in Western history and the most educated! Millennials are pragmatic idealists and are the ones that will make things happen. They know what they want and where the want it and responsiveness is key.
- Mortgage Shift: Those mortgage programs keep rolling in. Trend is toward more programs to assist first time buyers, service oriented buyers like police, fire and teachers. Lower down payments, low interest rates keep homeownership prospects high
- VA loans: Great for those veterans who can use this to their benefit. Often requiring lower credit scores and have a lower interest rate backed by the Federal Government. There is no down payment (an amount in consideration to be put down and returned at closing). Use it if you are a vet!
- New Values = Challenging Appraisals: A sellers market could mean that there are not enough closed sales to obtain a decent appraisal. Many offers are over asking price and have waived the appraisal. Learn how to negotiate with strategy and finesse!
- The NEW Real Estate Agent: A more engaged, connected, real estate salesperson is the one you are looking for. One who will be diligent, responsive and aware of the uniqueness of every client’s behavior. Develop a swagger of your own, be genuine, be you. RELATE.
- Social Channels and Google Juice: If you are a seller have you “googled” your agent and their brand to see how widespread their network is? Do they have the google juice? Online content that is searchable, SEOable and that targets a specific audience.? Are they connected to their audience on social channels? What does their profile say about themselves and their mission? A social voice is critical to build relationships and engage with current and prospective clients!
Hope you enjoyed these observations from a real estate professional with over 3 decades of experience, insight and information. For lively conversation about real estate contact Elisa 914.230.0650 direct or Elisa@CafeRealtyNY.com.
Elisa Bruno-Midili is a co-founder, partner and creative director for Cafe Realty. She is a Listing Specialist & Marketing Strategist.