Looking for new segments to focus on in the coming year? REALTOR® Magazine reported on a session from the 2018 REALTORS® Conference & Expo that highlighted five types of buyers that could help you grow your business next year.
International buyers. International homebuyers in the Texas real estate market added $10.89 billion to the Texas economy from April 2017 to March 2018, according to the 2018 Texas International Homebuyers Report. Texas ranked third among U.S. states for international home sales volume behind Florida and California, respectively.
Luxury buyers. Luxury home sales and dollar volume were up more than 10% year-over-year, according to the 2018 Texas Luxury Home Sales Report. From October 2017 to November 2018, more than 5,000 Texas homes sold for more than $1 million, an increase of 11.5% over the previous year.
Vacation-home buyers and short-term rentals. Websites like Airbnb make it easier for travelers to book a night in someone else’s home. These sites also make it easier for people who never saw themselves as vacation-home buyers a means to make the investment work.
Urban boomers. Although condominium sales declined slightly between June 2017 and June 2018, townhome sales grew, according to the 2018 Texas Condominium Sales Report. This may be in part due to retirees and young professionals who prefer condos and townhomes as an affordable option in densely populated areas of the state.
“Shopping-mall shoppers.” Malls across America have been shuttering their storefronts for some time, but some investors are finding new life for the massive empty spaces. For example, Austin Community College repurposed Austin’s Highland Shopping Mall into a home for higher learning.