Year 2020 promises to be the year of innovations and the start of a decade that is challenged by artificial intelligence and climate change. Real estate business is no exception, and it will face new threats and opportunities. Technology is playing a very important role helping the real estate industry become more consolidated and consistent. In this review, we will take a glance at what are the real estate trends for 2020:
Real Estate Standards
More MLS around the country will obtain new real estate technologies such as RESO Web API. Since most real estate businesses depend on MLS data, the race against the time will be a top agenda for business owners.
Some companies who are still benefiting from RETS Data feed and its limitations for real estate websites will resist RESO Web API. They are most likely to quote costs and data migration issues as their main concerns.
Another wonderful trend to watch out for is RESO’s Universal Property Identifier. This ID reference is going to capture the real estate world in the new decade as the new identification standard for real estate all over the world.
The real estate industry is still a conservative industry where policy makers and investors are less likely to take a leap of faith, especially when it comes to technology advances.
Nevertheless, artificial intelligence has found its way to the property business. More and more folks are interested in smart homes featuring IoT or Internet of Things. AI has made it possible for more homes to go smart and provide more comfort for their residents.
Another AI area to watch is VR. Real estate marketing and technology companies will use more virtual reality in their strategies and products. Virtual house showings are already popular in many countries.
Changes in the weather and climate are already hitting some places hard. Year 2020 will likely see loss of property value for communities in California, Australia and other places prone to wildfires.
Some folks might see these as opportunities. Investments will flow towards areas less likely to be hit by climate factors such as wildfires, floods, etc.
Interestingly, a study by the University of British Columbia suggests that those who deny climate change will make more property purchases in areas believed to be climate change red zones. For more on this, you can visit the school’s page.
Economic growth in the US since 2017 has contributed to a relatively higher sales record. Good economy often leads to higher consumer confidence. This means more folks are willing to, or more precisely able to, buy a property.
US 2020 Election
Over the last 13 election cycles, median prices have dropped around 15% during the election season and risen about 8% post-election. So, like it or not, the uncertainty that comes with an election year always affects consumer behavior. This election in particular is going to be a very controversial one since the nation is experiencing one of its most politically polarized eras.
How Should I Prepare?
2020 looks like a year of political jitters and climate premonitions. On the other hand, the economy and new trends in technology will push boundaries in the real estate business. As a successful real estate agent, you need to make sure you understand these opportunities, challenges and are always equipped to fully engage with them.
To learn more about top real estate marketing strategies you could apply in 2020, please check out the following:
2020 Marketing Strategies