We are already into the second quarter of 2013 and till now, some preeminent trends of the real estate markets have become apparent. Some trends stay same throughout the year may be with small adjustments here and there. However, some trends are specific to a quarter as financial markets are ever changing and get easily affected by various factors. These can be the economic condition of the world and the nation, the rate of employment and even the interest rates of the markets around the world.
Trends for the three quarters left in 2013
Some of the most prominent trends of the real estate market for the rest of 2013 are:
- The rate of foreclosure is on the downward slope – Till now in 2013, the rate of foreclosure is seen to have fallen in comparison to the previous figures. In the month of February, foreclosed houses fell by 25% in comparison to the rate of 2012. This is considered to be one of the largest drops if the numbers of the last five years are to be considered. Now, it is fact too that foreclosures are inversely related to the property or the home prices.
- There’s a certain rise in the home price – Drawing from first point, it can be said that the house prices are on an increase. As per the reports by the S&P Case-Shiller Index, the home prices rose through 7.3% in the year between the ends of 2011 and that of 2012. The prices were at its peak in 2006 and the prices now are almost half of that but still are better than what it had been in the last few years. The real estate market which reflects the largest change and that too in a year is Phoenix (it is at 23%). On the other hand, the real estate market which has the lowest change in a year is New York (it is standing at -0.5%).
- More number of new homes is being constructed – A greater number of homes are getting constructed now. The percentage of homes in construction rose by 0.8% to reach a number of 917,000 units. This acts as one of the greatest positive stimulus for our economy.
- The sales of homes are significantly up – Just like the percentage of the new home sin start up construction, the percentage of homes on sale increased by 0.8%. If the annual rate is considered, this percentage enumerates the sale of 4.98 million units. This is considered be the largest ever number of homes sold since 2009 (November).
So, these are the trends which have emerged out of the first quarter of 2013.
Real estate marketing trends
Some real estate marketing trends too have become prominent enough, and these are:
- Location based real estate marketing is on the rise – Previously, it was only the mobile marketing trend which was on a high but now the mobile marketing trend is catching up with the location based marketing technique. As per the reports, as large as 80 percent of the cell phone users were seen to use their phones so as to go online, and they are in the age group of 25 to 34. It is 68 percent of the cell phone users who are aged in between 35 to 44.
- Niche markets are to be targeted from now on – Till now the real estate brokers and agents have been targeting almost anybody and everybody for marketing their products. However, choosing the right niche and the right market is on the rise. This helps in getting back the right number of customers, and also in earning greater profit.
- E-book offers are being made highly available – More and more number of real estate agents are increasingly suing the offer of e-books to market in a better and improved way. These e-books are going to help clients in gaining more knowledge on buying the right service or product.
So, these are the trends which have piqued the interest of the people and the lenders alike. These trends may rule the market throughout the year.
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