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Does Social Media Affect Real Estate Markets?

Would it surprise you to find out that the average person can influence the real estate market? They don’t need to have a special degree or billions in real estate holdings, they just have to have friends on social media. Currently, there is nothing more behaviorally persuasive than a recommendation from our peers. Peer influence is alive, well and coming to a neighborhood near you.

Why Do You Still Rent?

There may not be a distinct class system in our country, but let’s face it, we still judge our friends and family by what they drive, how they earn a living and where they live. Real estate is a great investment, and yet, there is still some hesitation about buying a first home. Many times, becoming a parent is the push people need to get into nesting mode and sign on the dotted line. But when peers are doing well and their property values begin to ascend, that is making a noticeable difference in the market.

Showoff!

The real estate market can thank their lucky stars that people love to show off and share their lives on Facebook, Twitter, Instagram and other social platforms. Those selfies in front of their new homes and the excited tweets about their houses appreciating in value has had the unexpected outcome of creating market movement in cities which may not have been expecting it. The cross-country influence has arrived, thanks to an online medium that can influence people from anywhere.

Fear of Missing Out

The current American climate suggests that people will always strive to want more. When we see our peers buying a house and accruing value on that home, that makes us want to give our apartment manager a pleasant 30 day notice and join the local home owners association.

Few know what the next big thing in social media will be, but we know this- people will continue to post their thoughts, pictures, triumphs and failures on those sites. They could be one of the puzzle pieces which aids in your real estate career for years to come, so make sure to take notice of trends and stay active on social platforms. For more information on the leading real estate brokers in Las Vegas, give us a call today at (702) 835-5255.