Real estate is an ever-evolving industry. That’s why the most successful agents constantly monitor the market and adapt to changes. If you’re looking to grow your business, take advantage of the new year to consider the latest trends and how they will impact homebuyers and sellers in the upcoming months. Being aware of the following trends will not only put you at an advantage over the competition but also help you better accommodate the needs of your clients.

Key Real Estate Trends to Watch 

1. Best Time of Year for Home Buying & Selling 

There are specific months that tend to offer better deals for homebuyers and sellers, which means you’re likely to see a rise in business at certain times throughout the year. The holiday season is generally best for buyers, as there is less chance of getting into a bidding war, listing prices are set lower, and sellers are more motivated to negotiate and make a quick sale. Meanwhile, spring tends to be the busiest season for those selling a home. The nice weather encourages buyers to start house hunting, and the increase in demand equates to higher profits.

2. Home Features Buyers Are Looking For 

Today’s homebuyers desire living spaces that make life more convenient and comfortable while keeping energy consumption as low as possible. They typically favor move-in ready real estate listings that don’t require them to put in much work. Thus, some of the most popular features they look for include an open floor plan, modern kitchen with ENERGY STAR® appliances, extra storage, an outdoor living space, hardwood flooring, smart home capabilities, energy-efficient windows, and a home office. 

3. Most Common Buyers on the Market 

According to the Home Buyers and Sellers Generational Trends Report written by the National Association of REALTORS®, millennials have consistently made up the largest percentage of homebuyers for the past few years. Generation Y accounts for 36% of buyer activity, while Generation X comes in second at 26%. This means you need to make sure your marketing campaigns are targeted toward the right audience by using social media platforms and online advertising.  

4. Types of Properties Being Sold 

The majority of buyers still see homeownership as the American dream. As such, their idea of the perfect property is a detached, single-family house with a backyard. Only about 8% of buyers purchase a townhouse, and 4% purchase a condo duplex. Additionally, approximately 14% of home sales are new construction. 

Understanding these and other current real estate trends will give you valuable guidance on exposing potential business opportunities. If you are in search of an established firm that can help you reach the level of success you’re aiming for, contact EXIT Realty Upper Midwest. They offer high-quality training and mentoring programs designed to provide real estate professionals with the skills and resources necessary to achieve their entrepreneurial goals. Call (651) 505-3570 to find out about joining or starting a franchise location in Iowa, Minnesota, Wisconsin, Illinois, or the Dakotas. You can also visit them online to request more information on real estate careers.