The 2009 Real Estate Market
I recently read a post titled “30 Web Trends for 2009″ that got me thinking about the top real estate trends in 2009.
What’s becoming or going to become the hot new thing, tool, technology,
or technique in real estate for the coming year? I think ‘readers want
to know…’ Plus, its a great thing to go
back to and either say, Wow, I was right on there.” or “Man, I didn’t
know what I was talking about.” So, here’s what I see as the major
trends to watch for in 2009 real estate.
The Internet
Information will flow . . .
Ever heard the term ‘the cup runneth over?’ That’s what is already
beginning to happen with real estate on the Internet. Companies like
Zillow, Trulia, Homes.com, and Realtor.com will add more features to
help consumers find homes, neighborhoods, and schools. Many have
already gone to map based search solutions (think Google Earth) and
many more will follow. There seems to be a war on to get agents to
list their homes on a company’s site and pay premiums for additional
features and exposure for themselves and their clients. I expect there
will be some players emerge as the top dogs with many mergers and deals
in 2009.
Sellers
Sellers are going to get educated in 2009 and make smart decisions
to get their homes sold. There is still going to be a lot of fear
pumped in by the media and housing indicators but sellers are starting
to learn that real estate is local and not all areas are as bad as the
large metropolitan areas. Watch for sellers to start expecting
upgraded home listings through the use of single property websites, web
video home tours, and listings leveraged by social media and networking.
Buyers
Buyers are going to get a clue that this market isn’t going to last
forever and go ahead and buy a home. I think buyers are waiting in the
wood works for a few reasons: Credit and lending issues, fear about
the state of the market and hoping to time the bottom to get the best
price, and trouble selling their current homes. It’s called a
self-fulfilling prophesy. Education by the real estate community is
the key to stopping this wait-it-out mentality. Look for more local
‘town hall’ style meetings and Realtors taking awareness out into their
community and online.
There is so much more to talk about when it comes to current and
future real estate trends from green building and alternative energy to
commercial real estate trends. Check back often for updates on this
topic and emerging trends and news.
What’s your take on the state of real estate? I’d love to hear your
viewpoint about what 2009 holds in store for all of us. Realtors, home
owners, first time buyers, title officers, mortgage and banking
professionals - what do you see on the horizon for 2009 in your
neighborhood/city/industry?