The Changing World of Real Estate 

The nomadic way of life, although it still exists in some cultures, is now rare in the world. Long gone are the days of packing up camp and following the food sources. Life, for much of humanity, now means the need for a home base – a home in general. Land and the dwellings built upon it were at various points in history reserved only for the extremely privileged, or acquired and defended via fierce battles and bloodshed. 

“It took 30,000 years, but homeownership is now open to many people,” according to an Investopedia article. Mortgages were exclusively limited to nobility for a long time. “After the Industrial Revolution, however, the wealth of the world increased to the point where banks opened themselves to “higher-risk” mortgage loans – those made to common people. This allowed individuals to own their own homes and, if they so desired, to become landlords themselves.” 

The great equalizing moments of history have paved the way for the last 50 years of real estate and the cycles of bubbles and bubble bursts, economic downturns that result in tightened restrictions and upswings that allow for more flexibility and opportunity. The ebb and flow so ever present in life continually reveals itself in real estate colorado springs co. People make – and lose – money based on the predictions of those cycles.

From cave dwellings and yurts to track homes and the availability of mortgages to greater portions of the world populace, during the cadence of progress for humanity and for home ownership, the recent developments in the industry with the advent of incredible technology could not have been predicted. 

Homeownership was for decades meant for the preservation and perpetuation of the family. 

Now, recent trends suggest that recent generations are purchasing homes without partners or families in mind. 

“In 1985 (the first year data is available) 52% of first-time buyers were married. In 2016, only 40% of first-time buyers were married, marking a sharp decline in the number of family homes vs. starter homes being sold,” according to a Stacker article. 

Those data points reveal developments in the market that are being credited to Millennials: the lack of home availability as they swoop in and snag their dream homes. In the U.S. the generation depleted the market by 2.5 million homes, according to Business Insider reporting. 

Their high demand for homes also likely contributed to the 200% increase in lumber prices, according to Business Insider. 

Now, with Millennials entering the market with greater urgency and dedication, there is a significant urge for accessibility and ease of research from the digital realm, particularly as competition heats up. 

“Technology is reaching unprecedented new heights as the real estate sector begins to accept it as an asset,” said Regan McGee of Nobul, an online platform that facilitates relationships between agents and prospective homebuyers and sellers. “Brokers and agents are beginning to understand that they can provide better and more efficient service by using some of these technologies. I truly do not believe that tech can ever replace the need of a professional, knowledgeable agent. However, it is good to see that many agents are embracing the opportunities being presented,” he added. 

Drones, bots, prequalified buyers… much is afoot in the real estate industry. While Millennials might be spurring a bit of a housing shortage, they are also spurring innovation, said Nobul’s Regan McGee.