Between present day and 20 years ago, the Phoenix real estate market has changed in many ways that impact both buyers and sellers. Many factors drove the market to change, such as advancements in technology, variation in consumer behavior, and shifts in the economy. In the latest post from Valley Home Buyer, we will discuss five ways the real estate market has changed over the past two decades.
The Rise of Direct Buyers
The rise of direct buyers has triggered a major change in the real estate market. In previous years, listing a home on the Multiple Listing Service was the most common way to sell it. Listing on MLS allowed real estate agents to market the property to a large audience and often attract multiple offers. However, this process often involved waiting weeks or even months for the right buyer to come along and paying high commissions to the agent
Today, direct buyers have become more desirable to work with. Direct buyers are typically investors or companies that specialize in purchasing homes quickly and efficiently. They typically offer cash and close on deals within days. This can be a great option for sellers who need to sell quickly or who want to avoid the hassle of listing their homes on the MLS. At Valley Home Buyer, we work with homeowners to sell their properties directly. In many cases, saving them both their time and their money.
Advancements in Technology
The greater use of technology is another way that the real estate market has altered over the past 20 years. In Phoenix, buyers and sellers have access to a wealth of knowledge online. Without ever leaving their computer, they may peruse listings, see pictures and videos, and even take virtual tours of houses. As a result, buying a property is now easier and more convenient than before.
Real estate brokers may now contact with potential buyers and promote properties more easily thanks to technology. Agents may reach a larger audience and present their properties in unique and interesting ways using social media platforms like Facebook and Instagram. In order to stay in touch with clients and keep them updated on new properties that become available, they can also employ email marketing and other digital tools.
Shifts in Consumer Behavior
The alteration in customer behavior is the third way the real estate industry has evolved during the past 20 years. Home buyers in today’s market are better informed and more powerful than before. They may conduct their own study before making a decision thanks to the plethora of information available online. As a result, individuals may be less dependent on real estate professionals to help them through the process and more likely to be proactive in their house hunt.
The home selling process has also grown more familiar to sellers at the same time. They might be more involved in the promotion and sale of their property and are more inclined to conduct their own research. As a result, there is now more rivalry among real estate brokers, and emphasis is placed more heavily on offering top-notch customer service.
Economical Shifts
Over the past 20 years, the real estate market has been significantly impacted by the state of the economy. The housing market has experienced its fair share of ups and downs during the past 20 years, and it is directly correlated with the state of the economy as a whole. The early 2000s housing bubble resulted in a severe recession that had a long-term effect on the real estate sector.
The COVID-19 pandemic has put the economy back in a state of uncertainty right now. Due to the uncertainty about the future, both buyers and sellers have become more cautious while buying and selling homes. Although there are still plenty of options for people looking to purchase or sell a house, the real estate market has shown itself to be robust in the face of economic difficulties.
Environmental Shifts
The greater emphasis on sustainability and energy efficiency is another way the Phoenix real estate market has transformed over the past 20 years. More than ever, prospective homeowners are concerned about the environment, and they are seeking out eco-friendly and energy-efficient properties. Green building techniques and the utilization of renewable energy sources like solar panels have increased as a result of this.
Over the past two decades, there have been major changes to the Phoenix real estate market. These changes have had a significant impact on both buyers and sellers, from the rise of direct buyers to the effects of technology and the economy. It will be interesting to watch how the real estate market develops and changes in response to new opportunities and challenges as we look to the future. Call [business] at 602-734-3662 right away if you have any inquiries concerning the neighborhood real estate market! Our innovative approaches and cutting-edge technologies are assisting buyers and sellers in the neighborhood.