EMERGING TRENDS IN THE US REAL ESTATE MARKET

EMERGING TRENDS IN THE US REAL ESTATE MARKET

In March 2, 2018
Allaham-Consultancy-US-REAL-ESTATE-MARKET

The real estate industry is a very interesting and lucrative one, and a large number of people are directly or indirectly affected by the business that goes on within the industry. This fact makes it important to keep track of emerging trends of real estate, even when you are not directly involved with it yet. If you do not go into the sales category, chances are that, at some point, you will dip into the market to purchase a home.

The purpose of this article is to explore a number of trends in the United States of America’s real estate industry, with a higher level of focus on New York City.

There are a number of big players in the U.S real estate business, and the vastness and function of each market vary according to each state. PWC reveal here that Seattle, from the fourth position in the previous year, rose up to become the top-ranked real estate market in the country. Factors such as cost, demographics, livability, and technology readiness have all contributed to this rise.

For comparison, it is interesting to note that the highest ranked neighbourhood in New York City is Brooklyn, at number 30 on PWC’s list. Let us take a brief look at some key points that have Seattle leading the pack.

  • There is a strong investor demand and a generally high amount of capital put into real estate development and investment
  • The market gains nearly 29000 new residents every year, due to the high rate of population growth in Seattle compared to other states
  • A good number of the population are young and educated, meaning that they are more likely to be involved with real estate
  • On the average, rent is affordable. About 20.8% of total household income is spent on rent
  • Seattle is a popular destination for international visitors

These factors have contributed to the consistent growth of the real estate market in Seattle.

Now, diverting attention to New York City. Admittedly, it is a less prominent real estate market than Seattle, but a strong one nonetheless. There are a lot of success stories from people that delved into the market – through various routes, of course. There are the people that sell/rent homes, there are the people that flip homes (buy, upgrade/remodel and resell for a profit), obviously, there are the people that purchase these homes, and there are the people that contribute their own quota by offering real estate consultancy services.

This last category of people have the knowledge and simply offer it to people that require it – for a fee, of course. Consultancy services are just as important as any other business done in the industry because it protects people from making uninformed and potentially damaging real estate decisions.

With real estate consulting services, you do not necessarily have to do a bunch of research by yourself. This may ultimately lead to misinterpretation and you may end up making the wrong choices anyway. Instead, you can choose to speak to a professional for all the advice, guidance and help that you need – for a fee.

Take, for example, the story behind one of the top real estate companies in New York City – Allaham Consulting, started by Mr. Joseph Allaham. The purpose of starting the company, according to him, was to fulfil the real estate needs of people in the United States.

Mr. Joseph Allaham decided to make his vast knowledge of the US real estate market available to the general public to satisfy the constantly growing needs of the people. He was quoted promising to help make families’ dreams come true with his knowledge of the marketplace and knowledge of negotiations.

Allaham Consultancy has a team of experts that work with Mr. Joseph Allaham to achieve this purpose. The company offers a range of real estate services, including construction and development, consultancy, real estate development, investments, support and management services. Their services run across all the major geographical areas of the USA.

According to Mr. Joseph Allaham, the company derives its success from their approach of working closely with clients to understand their needs perfectly. They use the information that they get from the client, combined with their own knowledge, to provide third-party fresh opinions, knowledge-for info and researched analysis.

Basically, Mr. Joseph Allaham’s consultancy promises quality services at the best prices. You can reach out to them if you require their services.

Now, if you are planning to invest in the New York City real estate market, you should probably talk to these professionals, as the real estate market over there is a bit tricky. Opinions about New York City relationship estate are supportive of this fact, and it is interesting to note that StreetEasy’s housing trends report came out with information about the thoughts of New York City residents on the pricing of homes in their area. One of the most popular opinions is that New York City is expensive! However, more information from the report will tell you why people still rent or purchase ones in these supposedly expensive neighbourhoods.

StreetEasy also suggests that New Yorkers go to great lengths to afford to live in the city. Some people decide to live with roommates, and some people live in small apartments. Despite the high cost of living, most of these residents still recommend living in New York.

It makes you wonder, doesn’t it? What is it about the expensive real estate in New York that it still manages to draw positive opinions from its residents? These are the types of things that you may need to discuss with a real estate consulting firm before you dip into the market.

Additionally, it should be put into consideration that real estate sales and prices in New York (especially in Manhattan) took a dip in the fourth quarter of last year, and this developing pattern must be closely watched. You can find out more information about it here

Considering these emerging trends in the US (and more specifically, the New York City real estate market), a lot of care needs to be taken by potential investors. Start with seeking professional help from a real estate consulting company, and stay on top of trends for a while before you dive in. Best of luck!