Recently I came across a rather interesting article on Realtor.org – it discussed “The Top 10 Real Estate Developments of the 2000’s”. After reading that article I realized 3 major changes that came upon us in the past 10 years:
1 – The housing market went from 60 to 0 in what seemed to be a matter of days!
Home owners in the past felt safe that their house was and would always be a safe and sustainable investment, but that was absolutely not the case between 2001 and 2006. The housing market dropped to 20% in some areas and combined with the state of the economy left families, once in a stable sense of security, scrambling to pull out loans, relocate, foreclose on their home etc etc etc. Quite possible one of the most negative ‘memories’ of the past decade.
2 – We all stumbled across the rise of Web 2.0 – whether we were ready or not!
I think this point would come to everyone’s mind if they were to think of how the market has changed in the sense of social marketing and advertising. Some say that you are ‘behind the times’ if you do not blog or have a Facebook account created! More and more Real Estate professionals are turning to the world wide web for their marketing and lead capture due to the upcoming generations addiction to the internet. Real Estate professionals are now utilizing online listing services, such as RE/Advantage’s IDX solution, instead of “The Book” to present and display listings to their target audiences and also implement websites into their marketing sphere which are created to brand their reputation and company.
3 – A lot of REALTORS® have decided to “Go Green” – meaning they are investing in and working alongside companies that construct eco-friendly homes and buildings
Experiencing the state of the economy this past decade many home owners and buyers have sought after ‘green’ materials and services to better the homes for the environment and replenish their wallets in the process! Personally I’ve seen the rise of companies that use ‘green’ insulation and siding as well as roofing materials. I’ve seen companies that specialize in the air and water quality, ‘green’ playground materials, and the list goes on and on. In some cases The Energy Efficient Mortgage (EEM) steps in and finances energy saving improvements as part of the initial mortgage break.
So reading this what else has impacted the market profoundly in the past decade? HVCC? Mortgage rates being at their all time low? I’m curious to see your imput!