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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

5 ways in which Real Estate has changed in the US in the last decade

Housing-Market / US Housing Jul 23, 2015 - 03:19 PM GMT

By: Submissions


Peter Scully writes: Following a ten year review of the real estate market in the United States, it is clear to see that things have changed a lot.  Ten years is a long time but in that period there is a huge difference, and it may be surprising to hear that it is not all related to finance.

The mindset of the seller has changed and that is one of the biggest changes in the last ten years according to experts. The housing market across the country has changed considerable in the last decade and now the way in which sellers think has evolved. It is common for seller to form an emotional bond with buyers and the results of this finding should give comfort to buyers in a market that is extremely competitive especially if they have a reason as to why they should purchase the home and be the next owners.

However, it is not only emotions that have changed but the whole look of the real estate marker has shifted.

Homeowners are now becoming more selective in who they sell their house to. Ten years ago the figures painted a different picture as 56% of owners accepted the first offer, however, 10 years on, this has now dropped to 46%.

There has been an increase in the demand of “Walkable” communities. Mixed-use walkable communities have increased and these appeal to Millennia’s and retirees as their preference is to live closer to those communities that have good public transport and amenities.

Let’s not forget the shift in the tide when it comes to the way in which people find their home. Ten years ago it was common practice to find a home through a broker or an agent or in classified ads and yard signs. However, the internet is now the first place many people look and this has defined the way in which agents and brokers work. With property details available online it is common to see what is available online rather than go through an agent.

As a result of this, houses are in fact selling faster. The internet is now seen as the first showing. Ten years ago it was a case of walking through the door to see what a property really has to offer but now it is possible to find out everything online, making the second showing the one where the prospective buyer walks through the door. This has also resulted in a reduction of wasted time through first showings in person.

The financial crisis has hit people hard and it has seen people lose their homes and the value of their property, resulting in them owning negative- equity homes. With this in mind, people now think twice about owning a home and when coupled with potential job instability buyers are looking to rent instead of own. This option is a lot easier and carries less of a risk and any maintenance is paid for by someone else.

Author Bio

This article was contributed The Overseas Investor, international property investment specialists with a wide range of properties for sale in the US, Europe and Asia.

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