The Future of Real Estate in NYC

by | Jan 15, 2019

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With all of the changes in technology in the last few years, the way that consumers are investing in real estate and the way that companies are selling it has already changed drastically, and these trends are only expected to grow and continue through the beginning of the next decade. While many people think they know the process due to popular shows on HGTV, the truth is, the methods and strategies behind the real estate market have evolved to fit into our tech-dependent world.

With all of the changes in technology in the last few years, the way that consumers are investing in real estate and the way that companies are selling it has already changed drastically, and these trends are only expected to grow and continue through the beginning of the next decade. While many people think they know the process due to popular shows on HGTV, the truth is, the methods and strategies behind the real estate market have evolved to fit into our tech-dependent world.

Buyers and Sellers Are More Tech Savvy Than Ever

In the years since the housing bubble burst, prospective home buyers have become both more wary and more savvy about the financial aspects of purchasing real estate, and with that increase in consumer demand for more information and more resources, tech companies have rushed to fill that need. Companies such as Zillow have begun to provide Instant Offers service, where a seller is able to list their home on Zillow (in specified regions), and the company pays the seller out via an offer on the as-is value of the house.

This streamlines the entire selling process, sets a closing date fast, and allows the seller to receive payment much faster than through traditional methods. Zillow then completes repairs or renovations on the house and puts it on the market. This service is great for some who wish to avoid the potential headaches of a home sale and get paid cash faster, and are okay with getting a lower payout on their property than they likely could have. However, these types of services leave some pretty big questions as to the role of the agent.

Realtors Are Increasing Moving To More Niche Markets

Some agents who have recognized these new trends have decided to specialize in specific areas, such as the closing process or selling specifically fixer-uppers or another specific type of home, etc. It is expected that, as real estate as a whole shifts and changes, more and more agents will be moving toward specialization in their roles. Now that the process of searching for potential homes is largely online and through apps, buyers have unparalleled access to nearly every listing available, complete with photos, sale history, estimated value, photos and videos, neighborhood information and more.

This no longer limits buyers to just the information that their real estate agent knows and can provide. Sellers can see market trends and compare values throughout their neighborhood. While the tech sector is moving fast to be the most efficient and informative source for home buyers and sellers, there truly is no replacement for an experienced real estate agent. Luckily, real estate agents are still providing large chunks of services that tech cannot, like the plethora of paperwork and negotiating that happens during a sale. People still want a real person dealing with the biggest financial decisions of their lives, and the comfort and confidence that everything is going well and being done right only comes from having an NYC real estate agent overseeing the process, not a computer.

A Better Focus on Sustainability and Green Building

Technology aside, new real estate is moving toward sustainability. “Green” properties offer both an eco-friendly footprint and lower operating expenses (such as heating and cooling), as well as a higher return on investment. From using sustainably harvested wood in the construction process to installing energy efficient windows to integrating gardens into the structure of a building, the trend toward a greener real estate future is spreading, and fast.

Often, tax incentives are offered for building certifiably sustainable homes and offices, which serves as an extra reason for the market to jump on this trend. We are rapidly moving toward sustainability in numerous aspects of our lives, and our homes are one of them. Buyers will be looking for green materials and systems in their search; it’s up to developers and agents to keep up with this market demand.

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"William Bolls is THE broker you want when buying and selling in Manhattan. He is a wealth of knowledge and really takes the time to make sure you understand the process and are getting exactly what you want. I can't recommend him highly enough, and send him to anyone I know looking to buy and sell, especially the UWS."

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