Shortly before our holiday pause, we reached out to several agents and asked them to look into their crystal ball and tell us what we think the real estate market is going to look like this year. I have my own ideas. Naturally, we had to grab Alex Doubet, the somewhat controversial young hot shot founder of Door, a tech-enable flat fee real estate brokerage. As you can imagine, Alex predicts big changes ahead for the real estate industry and the entire commission structure. He is not alone: Inman’s Brad Inman predicts that one year from now, Opendoor will be the second-largest broker in the U.S., second only to NRT. That’s huge. Brad says that by unit count — and, most importantly, by revenue — the exchange platform will give a segment of the market the certainty they generally cannot get when unloading their homes the traditional way. In other words, instant liquidity:
This coming year, technologists and venture capitalists will zoom in on home sellers, with the $60 billion commission pie up for grabs. Opendoor, Knock and to a degree transparent bidding features are examples. Using technology, more companies will figure out how to give sellers more certainty around their home sale.
“Study after study ranked Dallas and its surroundings as one of the hottest real estate markets in the country, fueled by a boom in businesses relocating to the area, a generous tax structure, and a thriving construction industry more than happy to keep building new homes,” says Alex.
But with 2016 in our rearview mirror, will all of that momentum carry on into the new year? You bet, he says. Here are the trends that will dominate North Texas’ real estate market in 2017: (more…)