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The future of real estate. Seriously. Click here.

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Real Estate Agent with Utah Homes 9334967-SA00
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Yes.

That's a teaser title. But hang in there with me. I have a point to make.

I have a lawyer friend. I see all sorts of people asking his legal opinion on matters large and small.

Same goes for my doctor friend.

If someone's an expert, people are going to ask them questions.

So what do we real estate agents get asked all the time (at least, this agent, that is.)

So... what's up with the market?

Where do you think the market's headed?

How's the market?

I figured that if I'm being asked this- there has to be a whole bunch of people asking it on the internet. Or, inversely, lots of people answering that question.

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Hunch confirmed, as of the time of this writing, there are 18.5 million answers to that question. As a sort of reward to those wanting a synopsis, here are some of the answers:

Forbes (Feb 13, 2018) calls it an exploding ecosystem. How do I know this? The answer is hidden in the title, "The Future Of Real Estate Tech: How We Got Here And What's Next In An Exploding New Ecosystem".

Summary- Companies are spending bazillions on tech to help you buy real estate.

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Want to see into the future? No future date in mind? How about 12.5 months from now? If that's you, PWC Global has you covered with their report "Real Estate 2020: Building the future"

Summary: Investment real estate (non-owner occupied activity) will heat up even more. Tech solutions will abound. We're going to be living in megacities, (really)? My gosh everybody, we're going to have so many senior citizens that it's going to be a problem.

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While we're onto reports, here's one from Capital One (with coordination from MIT, yeah, the college full of egg-heads). It's called "Real Trends: The Future of Real Estate in the United States"

Summary: Affordable housing is a concern. We're going to need to figure out what to do about immigrants and all these old people. Hey, technology will come in handy.

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OK... if you thought I was going to summarize over 18 million reports, well, I'm sorry if I gave you that impression.

But now let me get to the point. After all, I did ask you to hang in there with me. And I'm happy you've made it this far. 

Now... about predicting the future, here's my opinion:

Don't spend too much time thinking about the future. Experts can predict, but their findings are always subject to too many changing variables. Remember 2007 and the subsequent years? Where were the experts then?

Real estate questions, for your purposes, are very personal. What matters to you? Location? Price? Construction? Traffic? Safety? A view? Schools? Crime? Quality of Life? Access?

Suggestion: Ask an agent. They do real estate for a living. They have experience. They have tools. They also have a duty to represent your wishes.

Interview an agent. Ask your questions. Share what's important to you. Choose the agent who answers your questions the best.

There. I've just saved you years of google searching.

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Photo by Wyron A on Unsplash

 

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Buzz Mackintosh
Mackintosh REALTORS - Frederick, MD
“Experience, reliable, leadership”

Will Rogers said it best: “Buy land. They ain't making any more of the stuff.”

Dec 21, 2018 04:32 AM
Chuck Willman

Buzz Mackintosh - in the county north of me, there is 1/10th the availability of land, as compared to my county. As a result, prices are popping. Who knows such things? Real estate experts who do their homework. I see almost zero articles about this.

Dec 21, 2018 07:41 AM
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Chuck - it's definitely a conversation starter. Ask questions.  Listen. And learn. 

Dec 21, 2018 04:33 AM
Chuck Willman

I've noticed that so many conversations have started with these questions. It does help to set the parameters, which include the many questions regarding choices and availability.

Dec 21, 2018 07:43 AM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

Great title Chuck and congrats on the feature! Seems some have a crystal ball and use hype to grab attention. They never have all the information they need to make legitimate points because real estate is local.

Dec 21, 2018 05:37 AM
Chuck Willman

Wanda Kubat-Nerdin - Wanda Can! - good point. For instance, here we both do real estate in the same state. Yet, if I wanted to know what was going on in your area I would need to log into your local system, which I do not have access to. I'd also do well to notice the trends over longer periods of time and observation. I would consult with my fellow agents who have more experience in certain parts of town.


In short, I'd want to talk to you about the local conditions. We can be a great resource that technology alone will never provide.

Dec 21, 2018 07:46 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good  morning Chuck Willman UtahHomes.me ,

Glad to see this post featured definitely what we as are are getting asked "How is the market and where do you think it is headed?" Like the weather it is local.Technology will continue to evolve and will make our jobs both easier and harder.  People will always have to move, and I for one will be here to help them. I'll help them know the best course of action based on what is happening locally and guide them through the process.

Dec 21, 2018 05:40 AM
Chuck Willman

Dorie Dillard CRS GRI ABR - I agree completely. So many of the articles on the topic will leave us with a certain amount of insight. Until we speak to the agents who work these local markets, those who have the technological ability to see the latest data (combined with the experience) we will be largely left in the dark.


 

Dec 21, 2018 07:54 AM
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

We need to be reminded that Real Estate is alive and breathing constantly while planning its next move. Pro-Agents keep their fingers on the pulse of it all. 

Dec 21, 2018 06:12 AM
Chuck Willman

Richie Alan Naggar - so true. Who knows better than the one who day-in, day-out works the local market?

Dec 21, 2018 07:55 AM
Margaret Goss
@Properties - Winnetka, IL
Chicago's North Shore & Winnetka Real Estate

A local real estate pro is the only person who can effectively answer that question. Even if the national news is relevant - the local pro would know that.

Dec 21, 2018 06:35 AM
Chuck Willman

Margaret Goss - Quick story. It was 1990. I had been a student with some experience in the financial market and had additional studies toward an MBA. I decided that I could sell my own home.


After all, I knew finance and my wife was very good at comparing the pricing on homes in the area. We sold our house as a for-sale-by-owner.


With the help of a title company agent and the buying agent who worked on adjusting the contract, we managed to sell the home.


NEVER AGAIN. We would have been far better off using an agent. There were too many variables that caught us off guard.


Today, both my wife and I are licensed real estate agents. We both spend time looking at data and trends. Our experience is diverse and we consult with each other.


It makes little sense to go it alone. I advise clients to ask as many questions as they would like. After all, they are making possibly the largest financial decision of their lives each time they transact real estate.

Dec 21, 2018 08:02 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Chuck- what an excellent post! The added value an agent brings is their extensive local knowledge and understanding of their market. There’s no replacement for that

Dec 21, 2018 01:13 PM
Chuck Willman

Kathy Streib - I should also mention that we agents do read the generic reports and the predictions of others. We do have, as you mention, an added value of being so close to the local information that it brings an extra measure of confidence to this large decision.

Dec 22, 2018 03:11 PM
Elisa Uribe Realtor #01427070
Golden Gate Sotheby's International - Oakland, CA
Opening the Doors to California Homes -East Bay

As the saying goes, "The best way to predict the future is to invent it". It's always good to know and be aware of market trends, but it all still depends on us, The Experts. From there we are able to create a solution that's perfectly tailored to meet our clients needs.

Dec 21, 2018 01:24 PM
Chuck Willman

Elisa Uribe Realtor #01427070 - True. This is not a one size fits all business that can be solved through simple technology and metrics.

Dec 22, 2018 03:13 PM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

The biggest thing for any consumer to remember is that real estate is very very very local...national averages...what happens on either coast is not ever what happens in the midwest to the same degree.

Dec 22, 2018 04:34 AM
Chuck Willman

Sally K. & David L. Hanson - Extremely local. There can be market fluctuations among subdivisions in the same tow.

Dec 22, 2018 03:14 PM
John Henry, Florida Architect
John Henry Masterworks Design International, Inc. - Orlando, FL
Residential Architect, Luxury Custom Home Design

The research yields some very general predictions.  Local markets are the most important indicators but national issues have an effect on everyone.

Right now, I would like to know: WHAT THE HECK IS HAPPENING!!!??

Stocks have tanked for days, the government is in a partial shutdown, etc.

How do those specifics affect real estate and construction for 2019??

Dec 22, 2018 05:10 AM
Chuck Willman

John Henry - I think the total market prediction is probably more difficult than what is happening locally.

Dec 22, 2018 03:15 PM
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

This wasn't the answer I was expecting but I get your point.

Dec 22, 2018 09:33 AM
Chuck Willman

Georgie Hunter R(S) 58089 - it was a bit of a tease. I couldn't help myself- there are so many pretending to have the answer but quite often the latest trends taken into consideration with previous outcomes is still a safer if more boring, way to predict the future of local real estate.

Dec 22, 2018 03:18 PM
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

Predicting the future for real estate? Kinda like predicting the weather.

Best to get up in the morning and look to see what's happening right now.

Dec 22, 2018 08:49 PM
Jan Green - Scottsdale, AZ
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Great post Chuck!  I appreciate your post and those links. I'll check them out.  It's so important to have answers at the ready when someone asks "How's the market?"  It's an opportunity for an agent to shine and provide an example of what an experienced agent looks like!

Dec 24, 2018 09:40 AM
Roy Kelley
Retired - Gaithersburg, MD

Congratulations on your feature recognition.

Smart consumers know that now is a good time for a home purchase.

Dec 24, 2018 01:47 PM
James (Jim) Lawson, DBA
DomainRealty.com LLC - Bonita Springs, FL
Broker Associate, RSPS, BPOR, HI & PE

My answer to how the market is always the same. Name a specific community and I will give you an answer. The answer will reflect its market history, current market condition and whether or not I see factors emerging where I am somewhat comfortable making a near-term prediction. Nearby sub-markets can be drastically different so macro market data can be of limited value in some aspects for the individual seller or buyer.  

Dec 25, 2018 12:14 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Chuck Willman UtahHomes.me there is only one long term prediction about the Real Estate Market and Interest Rates that I can predict with certainty.  Are you ready?  Whatever, the experts predict will be wrong.  The experts have been wrong over and over again, and I am certain they will be wrong again about their predictions for 2019.

Dec 26, 2018 06:44 PM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Chuck.  I think that anyone who relies on national real estate info for their local markets is heading towards a very misleading conclusion.

Dec 28, 2018 06:30 AM
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Chuck. I think your analysis is right on the money. No one knows anything for sure but finding someone who has made a career helping others is a good place to start.

Jan 04, 2019 04:53 AM
Mayra Espinosa Realtor San Mateo Pacifica Homes
Mayra Espinosa Broker- Realtor | Call 650-996-8961 - Pacifica, CA
San Mateo County Real Estate | Buy | Sell | Invest

Great article! I enjoyed reading it; it was intriguing. You grabbed my attention! Thanks

Jan 22, 2019 01:08 AM
Michael Eisenberg
eXp Realty - Bellingham, WA
Bellingham Real Estate Guy

My crystal ball is broken and you just find a good crystal ball repair person these days.

Jan 25, 2019 01:30 PM
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