Some Delaware residential real estate investors may have attended the National Association of Real Estate Editors’ 50th annual conference. Professionals from the real estate industry got together to talk about some of the trends that are having an effect on real estate development and pricing.
Though there is a popular idea that millennials want to live in the heart of cities, real estate professionals say that this idea is not exactly accurate. millennials are actually looking for homes in the ‘semi-suburbs,” or walkable and public transportation-rich communities that are located close to major cities. millennials are also not interested in purchasing starter homes to sell later on. A 2016 survey by Bank of America found that 75 percent of first-time home buyers would prefer to wait until they can afford a home that they can live in for the rest of their lives.
Another trend that is affecting residential real estate is ride-sharing. Companies like Uber and Lyft are making it easier for people to get where they need to go without the need to own their own vehicle. As a result, multi-car garages are becoming a less popular feature in newly built homes.
Real estate professionals have also noticed that people usually start looking for homes online. Rather than walking into a real estate office, many people use sites like Zillow and Realtor.com. Though these sites can help residential real estate buyers narrow down their searches, a real estate agent and a real estate attorney may still be necessary to help a buyer close a deal.