Emerging Real Estate Market Segments in 2019
A number of rising market segments may provide growth opportunities for your real estate business in the new year. Here are some real estate customer segments that you should be on the lookout for in 2019:
1. Luxury Buyers
There are more wealthy individuals than ever before which makes courting the luxury market a potentially lucrative move. We encouraged real estate pros to assess their markets based on these broad buyer categories. Also, it’s smart to target the move-up buyer who may be growing into these categories.
2. The Urban Boomer
The “urban boomer,” (baby boomers) are people choosing to retire in downtowns and urban areas rather than suburban communities. Baby boomers are desiring to be close to shopping, dining, and the arts and culture scene. A number of baby boomers are retiring every day, and where they’re choosing to retire is a hot segment for real estate professionals to watch carefully.
3. Vacation Buyers and Rentals
More vacation home buyers are looking to monetize their purchases by renting out their rental properties using services like Airbnb or VRBO. They’ll buy a home to use for a few weeks out of the year and then rent it out on a short-term basis for the remainder. For those looking to buy with a goal of short-term rental in mind, be sure to do your homework. A lot of cities are trying to limit short-term rentals so be sure to research what the politics or dynamics are in the city they’re buying in.
4. Mall Shoppers
Sprawling shopping mall in many cities across the country are dying. Left behind will be expansive, empty parking lots, and large aging infrastructure in prime locations that could increasingly catch the eyes of developers for mixed-use residential and retail developments. The re-purposing of old shopping malls is another opportunity for you if clients are looking for big projects, such as tear-downs, urban infill housing, etc.
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