I'm reminded of the good fortune in many sci-fi movies where someone gets their hands on an almanac from the future. Of course they could use this information for good and perhaps alter the course of things in a positive way. Inevitably though, they (much like I would!) use this information for "gambling" (it's not really gambling at that point, is it?) and end up with insane fortune. It would be amazing if we had a crystal ball for the future of real estate. If we could predict the coming trends we could remodel our homes to entice buyers or we could sell at the top of the market and buy at the bottom. Much to the envy of Nostradamus.

But back here in the real world, we're left to rely on the insights of experts. The National Association of REALTORSⓇ just had their Broker summit in Texas. I'd like to share a few of the trends they see coming down the road. Perhaps you can grab onto one or more of these and carve out your own fortunes for the coming few years.

One of the biggest changes in the last 40 years is the "face" of the buyer. Repeat buyers are at a median age of 55 and that was at 36 back in 1981. For first time buyers the trend is similar, jumping from 29 to 32. But the biggest adjustment is the "family" that is going to walk in the door to purchase a home. Back in the 80s 75% of first time buyers were married couples. Today that number is just above 50%. Single female buyers are a whopping 18% as well and unmarried couples are just below that at 16%. This basically means that you are not necessarily selling your home to a family with 2.5 kids and a dog. I believe those days are well behind us.

That trend continues beyond the non-traditional family and is showing in other areas as well. It would seem that folks are starting to "smarten up" and stop having kids. (That last statement is entirely mine and does not reflect the opinion of this paper!) In the 60's women had an average of 4.7 children. That number has dropped to 2.4 worldwide. Only 34% of today's home buyers have children. We are, however, planning for caring for our aging parents. Last year 1 in 6 Gen X buyers purchased a home that will accommodate their parents as well as their children. The multi-generational living situation is going to see a significant increase in the coming years.

With that in mind, there is also a trend in staying in a home for longer. In the 90's and early 2000s the time spent in a home was an average of 6 years. It is currently up closer to 9 years. Today's buyers are not necessarily looking for a quick "flip", but are interested in a long-term home. "I think the stability of home ownership is nudging people to stay put longer and truly take advantage of the long-term investment of owning property," notes Badger Peabody & Smith Realty (formerly Badger Realty) agent, Norman Head.

On a positive note for agents and brokerages the utilization of agents is higher now than it was in previous generations. FSBO (for sale by owner) deals were only 7% of all transactions in 2018. This is down from nearly 20% in the 80s and early 90s. The benefit of having someone walk you through the buying or selling process is showing to be attractive enough to make the phone ring. Of course online shopping or browsing will always be a strong trend, but it is nice to know that people still value that human contact and education that is only available with a living, breathing agent.

As the legendary singer/songwriter Kermit the Frog often sang, "It's not that easy bein' green". While sustainability and energy-efficient features are great, they are not that much of a priority for buyers as they were just a decade ago. It appears the additional cost for those features is not enticing enough to lure the buyers in. However, once the buyers are in the home, one of the more popular types of remodeling is the retro-fitting of these energy-saving features.

In the end, the goal is still homeownership. 90% of people see homeownership on par with baseball and apple-pie. And 80% are on track to own in the future. As sellers it is important to be aware of what is drawing people's attention and as owners it is helpful to realize that you are sitting on a desirable property. Now if only I could find someone who can tell me how the Pats are going to do this year!