Top industry leaders met recently in Palm Desert at Inman Disconnect to discuss their predictions for the future of real estate.
Part II focuses on agents finding new roles, consumers becoming savvy and pro-active about co-ownership concepts and homeownership becoming increasingly friendly, diverse and digital.
Recap Summary of Industry Views
- 50% of all home purchases to be made using “alternative methods” of financing by 2030
- By 2030 or before, cash offers to become the default purchase offer
- Inventory shortage to remain through the decade
- Due to continued inventory shortage, home prices to remain as high and likely higher
- More potential homeowners to explore shared or co-ownership options with family, friends or strangers
- Future of industry more digital, more seamless, more diverse, more conscientious
- Future listings may talk to you
- Brokerages to be more responsive and flexible to agents wanting hybrid and/or fully remote work environment
- Agents to adapt to changing needs/demands of clients & consumers who may need transaction-focused, touch-free experience, a hands-on guide, a financial advisor, and metaverse agent/broker.
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Agents will need to fill new roles in the home purchase process…such as the role of financial advisor or the role of metaverse advisor. One group leader of a breakout section at the Inman Disconnect said buyers and sellers can do home searches online, find necessary comparative pricings online and find necessary market information online.
What they want and need from a real estate agent is financial guidance and advice in buying and selling real estate. Another group leader said that the metaverse could be a huge market, “up to 30 to 40% of real estate transactions” or “$100B” by 2030. “We may not understand it (crypto, NFT, etc.), but our kids certainly do. We really need to be aware that there’s a train coming.”
Predictions for consumers include consumers becoming savvy and pro-active in the concepts of co-ownership, fractional ownership, accessory dwelling units, and any product/company that helps consumers take ownership of part or all of the same home or in multiple, smaller houses on the same, one property for both owner-occupied and rental usage.
Co-ownership was definitely a buzzword at Inman Disconnect. Will companies manage co-owned purchases and/or maintenance/rental agreements? Will companies help find co-owners. Do consumers even have one primary home anymore or will they just move to their various co-owned houses? By the time 2030 rolls around, we’ll know the answer to some, if not most, of these questions.
Homebuying will become increasingly user friendly, diverse, and digital by 2030. One industry leader at Inman Disconnect said, “The homebuying experience for consumers is going to be as digital and delightful as home search is today. The change we’re all going to experience between 2022 and 2030 is going to feel as dramatic as the home search change felt between 2002 and 2010.”
Listings will become even more experiential than they are right now with more photos, videos, artificial intelligence and audio in multiple languages showing and telling consumers everything in and about the house and the neighborhood (schools, restaurants, transportation access, etc.) in which the house is located. Likewise, consumers are and will become more diverse by 2030.
One industry leader said, “In 2030, we’ll be serving the most diverse and educated homebuyer ever. If we don’t get serious about meeting their needs and what they’re looking for, we’re not going to be ready. They’re going to inherit their boomer parents’ money and they will be serious shoppers. If you need more reasons to look to make change within your organizations, this is it.”
Not a prediction but overall consensus – the industry must work to find ways to help a growing and diverse group of first-time homebuyers enter homeownership.
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Thanks to Inman.
