Originally from Scarsdale, NY, Hal Shapiro brings more than 15 years of real estate experience to his current role as senior director at the Winick Realty Group. In addition to serving retail leasing clients in the New York City and Scarsdale, NY, areas, Hal Shapiro also keeps abreast of current trends and developments in the real estate market.
With another year comes new trends and factors that are poised to shape the real estate industry throughout the country. Experts have weighed in, and here are some of the things they say are worth watching in 2017.
After the housing market collapsed in 2008, affordable housing in cities became readily available for the first time in many years. Since that time the market has rebounded, however, meaning inventory is much tighter than it was. As a result, people are looking to suburban living for more affordable housing, and giving up the conveniences that come with city living. With that said, look for suburban sales to increase this year as buyers are forced to look for homes further away from cities to enable buying within their price range.
In terms of how technology is affecting real estate, people are making more use of drones in competitive markets, where waiting several days for a home inspection can make the difference between getting in an offer and losing out to another bidder who is more eager to buy. Potential buyers are making use of drones to get a close look at difficult to reach places to inspect for damage, such as roofs and chimneys, rather than waiting to have a proper inspection. While this obviously comes with potential pitfalls, in competitive markets look for this trend to continue.