The last few years when it comes to the real estate market have been a true rollercoaster. In fact, if you look at graphs covering the last 30 years, you’ll find that the market has hit quite a few peaks and valleys during that time. As the market recovers from the 2008 collapse, there is a new type of market emerging, and navigating these waters has been a journey - with a steep learning curve for many realtors who have been doing things the “old way.”

Financing

Prior to the housing bubble bursting, creative financing and less-than-stringent screening policies on behalf of lenders meant that many people were able to buy homes that were not within their affordable range. After the financial catastrophe, lenders are much more cautious about making sure that borrowers are going to be able to repay their loans. For those of us that have been in the industry for a long time, this actually represents a return to the way things were done prior to the early 2000s.

Death of the Suburbs

For a long time, people were interested in a nice home in the suburbs, with a big yard and a two-car garage. As the world is changing and the job market is getting tighter, flexibility has become a key to how people make their housing decisions. What was once considered an ideal place to raise a family has now left people feeling “trapped” in the suburbs, with very few options for entertainment. “Walkability” has become the hot button term as people are seeking homes within walking distance of dining and cultural experiences. This shift in the desirability of properties has left many agents confused, and trying to adjust the image of the “ideal” property has been difficult.

Internet Sites

One of the biggest changes that real estate agents have noticed is the growth of internet sites like Trulia and Zillow. People used to call a real estate agent with their list of requirements, and let the agents do the work. Now when you get a phone call, they’ve already got 3 or 4 properties in mind that they want you to help them evaluate. Half the work is done before they even call. In many ways this makes our jobs easier, but many are nervous that it may render agents obsolete.

Emotion

Another key change that has happened is the shift in attitudes of buyers and sellers. More and more people are paying attention to feelings and emotions when they are considering the sale or purchase of a home. Sellers want to know that the person that they are turning their home over to will value the home as much as they did, and buyers are quick to dismiss a property that doesn’t meet all of their needs based on a feeling. While it may seem unreasonable, this shift is occurring in many different aspects of life, from employment to relationships. It’s a new philosophy of a generation that is very focused on making sure that their lives are not just stable, but also fulfilling and rewarding. They are simply not going to buy a property that they don’t feel is a good fit.

The real estate market is an ever-changing industry and, as such, inspires agents daily to provide their customers with the most modern and up-to-date service. Changing along with the market, we are always ready to share the newest tricks of the trade for the most fulfiling experience.