For any industry or market to flourish, it needs to be changing continually. It must keep in line with a world that is in flux and the real estate market is no different. There are many global issues that can affect the local market in New Jersey and elsewhere in the country and those in the industry must be prepared for whatever the future holds. One of the areas which will affect real estate most strongly is the environment. There is a need to create a circular economy — an economic system which aims to eliminate waste and overuse of resources.
If a circular economy is the goal for real estate, it needs to happen in two steps: Create a built environment by optimizing resources and maximizing land potential in adaptability and use. In other words, those connected to the real estate industry — designers, engineers, asset managers, etc. — must work together with the support of more rigid environmental and urban policies.
Unrealized value in real estate
There are so many ways that value is unrealized in the real estate industry — from not using land for its highest and best purpose and improper repurposing to not making the best use of materials and space. And those are just two of many ways. Environmental design in real estate must be sustainable to allow for future growth. A circular economy is the ideal situation for achieving that sustainability and for moving forward by allowing owners to be able to reuse, optimize and adapt.
There are so many variables that affect the real estate industry today. New Jersey residents looking to buy or sell property need to have some idea of the laws that affect real estate transactions. The laws are continually changing to reflect the world around the industry and it is vital to stay abreast of them.