At the recent Leading Real Estate Companies of the World® (LeadingRE) Board of Directors meeting in Chicago, the industry leadership team shared their thoughts on their local markets and the overall health of the market.
Across the board, 92% of these leaders have seen higher prices continue to dominate the marketplace. The percentage of increase varied by market but ranged from 2% to 15%. Overall, 77% of the 13 directors, each of whom represents one of the top brokerages in their market and who collectively represent over $100 billion in annual sales, reported sales increases ranging between 2% to 20%.
“Our global community of brokerages have a wealth of local knowledge,” said Pam O’Connor, president and CEO of LeadingRE. “While every market is different, overall our members are feeling bullish about this year’s real estate numbers.”
When it comes to the demands of today’s buyers, walkability ranks highly. The preference for new or updated homes is very strong among today’s buyers – particularly millennials – who are not interested in doing significant renovations. The directors cited open floor plans and high-end kitchens and bathrooms as top amenities along with outdoor kitchens and three-car garages.
“These preferences dovetail with what we see in our recent Consumer Insights survey, indicating that millennial buyers are less likely to prefer an older home,” added O’Connor.
While most of the brokers noted that the international buyer flow has slowed, that could change with the 9% decline in the value of the dollar this year, since the favorable U.S. exchange rate has made American properties more expensive in recent years for offshore buyers.
LeadingRE connects its members to opportunities and people around the globe, supporting them with an international referral network, professional development programs, unique events and connections to people and opportunities worldwide. For more information, visit www.LeadingRE.com.
About Leading Real Estate Companies of the World®
Leading Real Estate Companies of the World® (www.LeadingRE.com) is a selective global community of the highest quality independent real estate companies, with over 550 companies and 130,000 sales associates spanning six continents. Network members generate over 1.2 million transactions annually. LeadingRE exists to make its members better by connecting them to opportunities and people around the globe, supporting them with an international referral network, professional development programs, unique events and connections to people and opportunities worldwide.