Real Estate Trends — Be Informed

The real estate market is always changing, and it can be difficult to keep up with the latest trends. Whether you’re a buyer, seller, or investor, it’s important to stay informed about what’s happening in the market so you can make the best decisions for your needs. Here are some of the latest trends that you should know about.

1. Remote work driving demand for larger homes: With more and more people working from home due to the COVID-19 pandemic, the demand for larger homes has increased. Buyers are looking for homes with extra rooms that can be used as home offices or spaces for virtual learning. Additionally, people are seeking homes with outdoor spaces, such as yards and decks, to enjoy during their time at home. This can be seen in the demand for single-family homes and also for homes with additional bedrooms and home offices.
2. Technology driving more efficient home-buying process: With technology like virtual tours, online mortgage applications, and e-closings, buying a home has never been more efficient. Many people are opting for virtual tours to view homes from the comfort of their own home. Additionally, online mortgage applications and e-closings allow for a more streamlined and efficient home-buying process. This is particularly useful for buyers who are not able to physically visit the property before buying.
3. Increase in eco-friendly homes: With climate change and sustainability becoming increasingly important issues, more and more buyers are looking for homes that are environmentally-friendly. Features such as solar panels, energy-efficient appliances, and water conservation systems are becoming increasingly popular among buyers. This trend is particularly prominent in urban areas where energy costs are higher.
4. Rise in suburban markets: With more people moving out of cities and into suburban areas, the demand for homes in suburban markets has increased. This trend is being driven by factors such as lower housing costs, larger home sizes, and better school systems. This has been observed in many cities across the United States and also in other countries
5. Adaptive reuse and smart building: As the real estate market is also seeing a shift towards adaptive reuse of older building, smart building is also becoming a trend in the industry. Adaptive reuse is a concept of reusing an existing building for a purpose other than what it was originally designed for. Smart building refers to the use of technology to create energy-efficient, sustainable, and connected buildings. This trend is becoming more popular as the cost of new construction is increasing, adaptive reuse provides a way to use an existing property and also it also often provides a way to preserve history and add to the cultural heritage of a location.
6. Resilience and Safety: With the number of natural disaster becoming more frequent, the safety and resilience of homes has become a big focus, this can be seen in the adoption of things like storm-proofing, and homes being built with materials that are resistant to things like flooding. This trend is particularly relevant for coastal and flood-prone areas, but it is also being adopted in areas that have been affected by other natural disasters such as wildfires and tornadoes.

These are just a few of the many trends that are currently shaping the real estate market. By staying informed about these trends, you’ll be in a better position to make the best decisions for your needs. If you’re thinking about buying or selling a home, it’s always a good idea to consult with a real estate professional to get the latest information about the market.