Heidi Scott is an Illinois-based attorney who served as the Illinois GBA’s President from July 2005 until June 2007. The owner of Schuyler Brown Land Title in Illinois, Heidi Scott specializes in estate planning, tax law, and real estate transactions.
With the current global economic instability, the real estate industry is faced with several challenges. The following are specific problems facing the industry that need solutions:
1. Expensive Housing
Rising building costs result in even costlier housing, making it increasingly difficult for individuals, especially Millennials, to find affordable housing in cities; West Coast cities such as Seattle and San Francisco are worse affected. According to data from CNBC, the current housing shortage could become the worst ever in the history of the United States. Real estate professionals will have to create more affordable housing solutions to bridge the increasing housing deficit for millions of Americans.
2. Deteriorating infrastructure
This is the critical challenge confronting the real estate business; according to data from APEX Commercial Group, critical infrastructure such as bridges and roads influence where businesses choose to build or relocate. When businesses decide not to invest in a specific area, private home buyers will also not move there because potential homeowners often base their decisions on dependable transportation, among other infrastructural needs.
3. Technological Innovations
The Counselors of Real Estate cited the lack of acceptance of modern technologies as the second most significant factor affecting the real estate business. The sector is failing to adapt to new technologies, such as innovative technology in homes and online applications that allow buyers to buy properties without using an agent.
Heidi Scott (Illinois) 
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