2017 is almost here. Each year, around this time, people in the real estate profession start to predict what the big trends will be for the upcoming year. At Sam Benson Realty, we don’t bank on trends because…well, they’re trends. What we do look forward to are pivots in business and within the market. Below is what we expect to see in 2017 as far as real estate pivots are concerned.
1. Less new construction. This is a biggie because it impacts housing in Walnut Creek and across the country. There are many current difficulties securing construction financing, which means new construction for homes in Walnut Creek is very few. This also means core properties have had their price-points dramatically rise. At Sam Benson Realty, we don’t see new construction being a big news source in 2017, which means homes will hold and exceed in value.
2. Shift in the workforce means shift in not only what consumers can buy, but what may be available as far as quality built homes in the future. As of April 2016, there were over 200,000 unfilled job openings in building construction, according to the Bureau of Labor Statistics Job Openings and Labor Turnover Survey (JOLTS). Don’t forget, there has been a huge clampdown on Mexican immigration, a surge of skilled craftsman retiring, and a boom in the oil and gas sectors – leading people to jump out of the field of real estate and into oil. All these factors make even building new homes – given there is money available to do so- a huge challenge. More and more realtors will be focusing on vintage construction as a pivot point.
3. Less realtor interaction, more techie features. Yes, people are busy and real estate resources are becoming more mobilized. One recent report said, “the potential of “bricks-and-clicks” virtual sales and gamification in commerce may be a key part of promotions and marketing.” We here at Sam Benson Realty have seen more people look at homes from the comfort of their own space before meeting with or stepping foot inside a place with a realtor. It is the nature of who we are as a culture and the real estate industry is taking a crash course on how to translate that data into helping more clients… the more we help, the more options our clients have when it comes to inventory.