Next Generation Real Estate: Five Things You Should Know
2026
Times have changed dramatically since the 1980s real estate boom. In fact, some of the Reagan-era strategies for buying and selling, if implemented today, would cause financial harm or result in missed opportunities, or both. Here’s what buyers and sellers need to know about today’s next generation real estate.
1. Society is a lot different. The typical home buyer a generation ago got married in their early 20s, moved to a single family home in the suburbs, got a 30-year fixed mortgage, and planned to pay it off. They often stayed in their hometown after college. Buying a home happened once, maybe twice in a lifetime.
Fast forward to today. Single women are a fast-growing group of first-time buyers, and baby boomers are moving back into cities in droves. It’s not uncommon for today’s professional to take a job in the next county—or in another country. And that stable long-term job, with a pension after retirement, has all but vanished. Buyers change jobs more often than ever. For many today, the flexibility that comes from renting is the new American Dream.
2. Real estate can’t be rushed, even by technology. Real estate listings come at us much more quickly today and from every angle, thanks to technology. A great new listing could hit a buyer via a text from their agent, an email alert from the local MLS, or a notification from Zillow on a mobile device. The actual real estate transaction process has been sped up as well. Clients sign contracts and review disclosures on a tablet while on vacation. But no matter how fast we move or how much technology there is to make our world efficient today, buying or selling a home should never be rushed.
3. The real estate agent’s job has changed. Before the Internet, some people believed the real estate agent’s only value was to provide access to the home listings. But a good local agent likely did more than just open doors in the 1980s. Today, an additional part of the agent’s role is to make sense of the information available to their clients online. A good local agent will add more value than ever. In many parts of the country, especially where attorneys are not involved in real estate transactions, the agent is the center of the transaction.
4. It’s a seller-beware culture. Search is part of the Millennial and Gen Y buyer’s DNA today. They search, research and double-check everything. Today’s buyers have much more information at their disposal today, and so it’s the seller who needs to beware. Not staying one step ahead of buyers can affect your bottom line when going on the market today.
5. You’ve got more loan options than ever. Banks have developed new loan products to change with the times. The acceptance and use of some of those products, for some people, led to a steady stream of foreclosures years later. When I bought my first home in 2004, my father suggested I get a 30-year-fixed mortgage. I thought he was nuts; I didn’t know what I’d be up to in five years, much less 30. Today, a buyer needs to understand all their loan options and consider them in the context of their life situation.
One Thing Will Never Change: Buying and Selling is Emotional
Unlike buying a new flat-screen TV or selling a used car online, buying or selling a home will always be an emotional purchase. A home is where you make some of your most important memories, a place that has been constant through the ups and downs of life. And so, while the world may be speeding up, it’s a good idea to acknowledge that emotions will always play a role in real estate. So take it slow when buying or selling a home.
