Real Estate in the DFW Metroplex has been in overdrive during the past few years, as most real estate professionals have noticed. With new people moving here every single day, roads expanding, constant construction of new apartments, custom homes, and storefronts, it’s clear that North Texas is the place to be in 2019.
However, this robust market we’ve experienced since 2016, is not the norm. Most experts are predicting the market will slow down to a normal one in 2019. That does not mean a bad market, just a normal, healthy one. Real Estate Agents need to be ready to put in the work and stay ahead of the curve to continue being successful in this market.
Biggest Takeaways from 2018
Here are some things to keep in mind as you set your goals for next year. Technology advancements for real estate made leaps and bounds this year. Companies such as Redfin, Zillow, Trulia, and Homesnap have changed the way people buy homes. It is imperative for real estate agents to stay informed on these companies. That way, when your buyers and sellers say they don’t need an agent because they can sell their home through OpenDoor for a cheaper cost, you have the knowledge and tools to explain why using an agent is still the best way to sell or buy a house.
Homes sold much quicker in 2018 than they did in 2017. In March of 2018, data showed that homes sold almost a whole week faster on average than at the same time the previous year. In addition, homes sold at a higher price than in 2017. This is promising when talking to your 2019 sellers!
An article from Forbes Magazine stated that Texas is “Exploding” with investment opportunities.
“Regardless of the other markets in the U.S., Texas is in this bubble of growth with many large corporate headquarters relocating here, the oil/gas industry growth, etc.,” Angela Yaun, broker of Day Realty Group, said. “It’s a great time to be in real estate here.”
And finally, visual marketing trends skyrocketed in 2018. Virtual staging, drone videos and photography, virtual tours, interactive floor plans, etc. all made their way into real estate over the past year and agents learned how to use them with success. If you haven’t already dipped your toes into the virtual world, you are truly missing out.
These things worked in 2018, and they will continue to evolve and help you find success in 2019 as well. Read the full Forbes article here.
What About 2019?
Expect continuous construction in 2019, especially in the Dallas, Houston, and Austin markets. More and more REALTORS® are pairing up with home builders. Also, a steady stream of construction means rent prices will stay in check as the complexes compete with one another.
Millennials, millennials, millennials! Not only are they expected to surpass the population of baby boomers in 2019, according to Pew Research, they continue to buy homes at a faster pace than any other generation. Millennials are buying more homes in the suburbs compared to the cities. In 2019, they will be between the ages of 21 and 38. This is the time in their lives to be graduating college, getting full time jobs, marrying, having children, and buying their first home.
Mortgage rates will continue to rise. 2018 rates is ending at an average of 4.81 percent, according to Wells Fargo. You can expect to see the rates rise all throughout next year. This may be a good marketing technique for buyers to add to your 2019 plan. However, don’t be discouraged, people have always bought homes, even when the rates were higher than desired.
Home prices will also continue to increase as we set sail on 2019. If you’re working with buyers, this is the best way to encourage them to buy sooner rather than later. And speaking of buyers, some experts say a buyers’ market may also be on the horizon! This may be a good time to purchase investments properties.
If renters are included in your marketing plan for 2019, it will be important to understand what apartment complexes are offering. With new buildings going up every year, landlords are constantly looking for new appeals. Keep this in mind as you do apartment locating.
“Fancy gyms and rooftop access doesn’t cut it anymore,” an article from Curbed stated. “Today’s cutting-edge multifamily developments include movie theaters, dog runs, communal gardens, and access to co-working space.”
Finally, stay informed on new real estate technology and apps. For REALTORS, new articles come out all the time about new technology advancements. Take advantage of the free information at your fingertips! If your budget allows, try subscribing to Inman.com. Also, click here to see the 10 Best Real Estate Apps and download the ones you don’t have.
Whatever your business plans and marketing goals are for 2019, First Western Title is here to help! Our business developers are highly educated and trained to help you with marketing and growing your business.
Questions? Comments? Reach out to your First Western Title rep today!