The real estate sector is a crucial pillar of the global economy. Whereas it has taken a major hit thanks to the Covid-19 pandemic, the real estate industry is increasingly getting transformed by adopting new trends. There is a wide range of opportunities ahead of us as far as the industry is concerned. Analysts project that the industry’s future is highly likely going to be defined by certain characteristic trends consistent with response to the identified market gaps.
The future of the real estate industry will undoubtedly focus on adopting technology and integrating it into real estate constructions. The need to have smart homes and offices will drive up the demand for smart homes where technology is integrated into every aspect of home living. This includes home security systems and remote controlling of smart home devices.
Lesser demand for commercial space
The Covid-19 pandemic has taught us one thing – that we can productively work from home. Large businesses are expected to scale down their demand for commercial office space, even as they work towards reducing the number of office workers. As more workers work from home, there is expected to be a gradual decline in the demand for large commercial office rooms. Businesses will leverage the virtual workforce as part of the strategy of reducing overhead costs associated with the ownership of physical office spaces.
Priority in property maintenance
Consumers of the real estate industry are generally more concerned about keeping their spaces in good sanitary conditions. This comes at a time when the pandemic has elaborated the need to keep our environment clean and disinfected. The underlying concept of cleanliness is expected to extend into ensuring that our homes look physically appealing. This is expected to be accompanied by fresh landscaping ideas so as to keep real estate properties attractive to live in.
Changes in property utility
Another of the most remarkable future changes in the real estate industry is expected to touch on the utilization of office spaces. More office space, for example, will go into the adoption of technological tools, such as video conferencing rooms and large television sets to facilitate video conferencing. With the idea of social distancing still fresh in our minds, the number of persons who can live in a specific office space is expected to reduce as part of the maintenance of social distance.
As a real estate agent, finding the right home for your client isn’t always easy. To find a home that interests a buyer, make sure that you know the buyer’s interest, which is a step in the right direction. To do this, you can ask the client what features they want in their home, and this way, you’ll be able to find the right home for them. Below are some of the trends that attract home buyers;
Many home buyers are always interested in a home with an outdoor space where they can get out of the house and relax without leaving home. In other cases, buyers want a blending indoor and outdoor living space where the living room is extended to the backyard. Outdoor spaces are important to buyers because, in summer, this space is perfect for dinners and barbecues or holding large gatherings.
Location is another critical feature that buyers consider while buying a home. A home that is located in a secure neighborhood is one of the homes that interest buyers. Also, many are usually interested in homes that have easy access to main roads. Locations like these can
be very pricy, so it always necessary to go with your client’s budget.
The kitchen is usually considered the heart of a home. Homes with large kitchen areas, especially open floor kitchens, seem to sell faster. They sell faster because an open floor kitchen allows easy transition between rooms.
Many people have jobs which allow them to work from home. A home office is a feature that such types of buyers look for when purchasing a home. A home office with a door is essential because it helps one concentrate on their work without destructions. The room’s color choice should be considered because some colors do not provide a conducive environment to work.
Nowadays, home buyers are interested in homes that are energy efficient. Such homes are the ones that have hardwood floors, double panned windows, and energy saving lightbulbs. Homes that are energy efficient help to limit utility bills and also benefit the environment
The Number of Bathrooms
Homebuyers are often interested in homes with at least two bathrooms. As an agent, try looking for new homes for your client because most of them have this feature. A home with two bathrooms or more will tend to sell faster than that with only one bathroom because they help save time because you don’t wait around to wait for someone to finish using the bathroom. You could use the other one.
Every home buyer wants a home that has the features mentioned above. To find a home that ticks all these boxes, real estate agents should consider modern homes at affordable prices.
The real estate world is constantly evolving. Regardless of whether you are purchasing a home of simply looking to enhance your portfolio, it is important that you keep track of the latest real estate trends. Real estate market analysts have begun studying the market in advance of next year. Here is a look at some real estate trends to keep an eye on heading into 2018.
Online Brands Will Emerge
Heading into the new year, many real estate agents will look to establish an online presence. Recent market data has shown that both buyers and sellers are doing the majority of their research online first. The internet has allowed potential investors to make quicker decisions. With the increased access to previously private information, everything has become more transparent and accountable. It is much easier now to find the best agents.
Increased Emphasis On Smart Homes
Analysts are pointing to 2018 as the year that smart home automation will reach mainstream America. Agents and brokers are figuring out ways to implement the new technology into their presentations. There will be increased shading and light automation, as well as hardwiring and security. With an increased emphasis on smart home automation, more players will enter the mix.
The oldest of Generation Z, or those born between 1995 and 2001, are starting to graduate from college and become players on the real estate market. Like the millennials before them, Generation Z members prefer urban, big city life. Generation Z is expected to have a large influence on different brands and industries. Retailers will be under pressure to find successful marketing strategies.
Research has shown that secondary markets throughout the U.S. have grown past major cities. Analysts believe that secondary markets are considered a safe place for foreign investors. The growth in these secondary markets is considered sustainable over the long haul. Investors have secondary markets on their radar.
2018 is primed to be the year that agents stop being generalists and start focusing on little details that can set them apart. Agents are realizing that regardless of what type of property they are selling, the small details matter.
The potential tax reforms may impact the real estate market. The low income housing tax credits may be reduced, which could damage the affordable housing market. Investment amortization and the 1031-tax free exchange program are also at risk of being slashed.
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