Sat, 04 Feb 2023

14 Real Estate Trends to Expect in 2023

7Newswire
05 Jan 2023, 13:52 GMT+10

Real estate is an important part of our lives, and as the world changes so do the trends in real estate. In this article, we take a look at eight trends that are likely to influence real estate in 2023. From rising prices to changing demographics, these trends will have a big impact on how we buy, sell, and invest in property. So whether you're planning to buy your first home or you're looking to invest in property, read on to get a comprehensive understanding of the trends that will shape real estate in the new year.

  1. Rise in popularity of urban living

More people are choosing to live in cities due to the many benefits that they offer, such as more opportunities for work and social activity, lower costs of living, and increased safety. This is especially true in developed countries where population growth rates have slowed down or halted altogether. As a result, real estate prices will continue to rise in city areas even though rural areas may see somewhat slower growth.

  1. The millennials will become homeowners

According to recent surveys conducted by Zillow, 74% of Gen Y respondents (born from 1975-1994) plan on owning their home at some point over the next 10 years - which is significantly higher than the rate for all other generations combined (60%). This trend is likely due to various factors including rising incomes (+ 25%) and decreased fertility rates (-10%), both of which are attributable mainly to Generation Y's youthfulness (-37% boomers aged 45+ own homes vs 34% Millennial owners).

  1. Technology will play an important role during real estate transactions

In addition to online research tools such as Google Street View and Zoominfo, technology will be increasingly used during showings/visits so buyers can get a "bird's eye view" of properties without having to visit them personally - something that has become quite customary among millennials who value convenience above all else!

  1. Sustainability will be a key factor in real estate decisions

An increasing number of people are looking to live in "green" homes that have a smaller ecological footprint. This could mean anything from using sustainable materials during construction to utilizing energy-efficient appliances and solar panels. As environmental awareness grows, so too will the demand for eco-friendly homes.

  1. The rise of the sharing economy will have an impact on real estate

With the advent of companies like Airbnb and VRBO, more and more people are choosing to rent out their homes (or rooms in their homes) on a short-term basis. This could have a number of implications for the real estate market, including increased demand for properties located in desirable areas and decreased demand for hotel rooms as vacationers opt for home rentals instead.

  1. Crime rates will continue to fall

Despite the current political climate, crime rates in the United States have been on a steady decline for decades and are expected to continue falling in the years to come. This is good news for potential homebuyers who are looking for safe neighborhoods in which to raise families or purchase investment properties.

  1. Mortgage interest rates will remain low

Mortgage interest rates are currently at historic lows, and there is no reason to believe that they will rise significantly in the near future. This is good news for buyers who are looking to purchase homes but don't want to break the bank. While no one can say for certain what the future holds, these seven trends are likely to have a significant impact on the real estate market in the years to come.

  1. The rise of artificial intelligence will change the way we buy and sell homes

The impact of artificial intelligence on the real estate market is already being felt, and its influence is only going to grow in the years to come. From chatbots that help you with your home search to AI-powered pricing tools that help you get the best deal on your next property, this technology is changing the way we buy and sell homes.

  1. The sharing economy will continue to grow

Thanks to companies like Airbnb and VRBO, the sharing economy is already having a major impact on the real estate market. And as more and more people embrace this way of doing business, its influence is only going to grow. This could have a number of implications for the real estate market, including an increase in demand for properties located in desirable areas and a decrease in demand for hotel rooms as vacationers opt for home rentals instead.

  1. Property values will continue to rise

Despite concerns about a potential housing bubble, the reality is that property values have been on the rise for years and there is no reason to believe that this trend will stop anytime soon. This is good news for homeowners who are looking to sell but can also make it difficult for first-time buyers who are trying to enter the market.

  1. The real estate market will continue to be volatile

One thing that is certain about the real estate market is that it is always changing. This can make it difficult to predict what will happen in the future, but one thing we can expect is more volatility. From interest rate changes to economic recessions, there are a number of factors that could cause the market to fluctuate in the years to come.

  1. We will see more real estate startups

In recent years, we have seen a surge in the number of real estate startups. And as the industry continues to evolve, we can expect to see even more of these companies popping up. These startups are changing the way we buy and sell homes and are providing new and innovative ways to do business.

  1. The role of agents will continue to change

Thanks to technology, the role of agents is changing. From online listings to virtual showings, agents are now able to do more than ever before from their computers or smartphones. And as consumers become more comfortable with the idea of buying or selling a home without an agent, we can expect to see this trend continue.

  1. There will be more regulation in the industry

As the real estate market continues to grow and evolve, we can expect to see more regulation from the government. This is not necessarily a bad thing, as it will help to protect consumers and ensure that businesses are operating legally. However, it could make it more difficult for newer companies to enter the market.

These are only a few of the trends that will shape the future of the real estate. Some other notable trends include an aging population, the rise of artificial intelligence, and ever-changing technologies.

 

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