The real estate market has been gaining strength and value for the past few years, especially during the novel pandemic (covid-19) era. The values of homes and residents have soared, buyers’ demand have increased rapidly, and the rates of mortgages have hit low drastically.
Also, the pandemic has made housing and real estate investment one of the few bright places during an otherwise challenging and difficult time.
However, real estate trends are not static; they come and go, likewise the housing market. It is often in flux. Since the industry is largely localized with various conditions in every state, city, and metro center, you can’t be confident that things will remain the same for a long time.
This is the reason I have chosen to get you acquainted with the recent trends in the real estate industry and housing market.
Below are some of the trends you should watch out for.
Increasing Demand for At-home Entertainment and Home Offices: It is no news that the advent of the coronavirus has forced a lot of people across the globe to spend more time working from home. People play, work, and take classes from home.
The surges and increase in local infection have also led to people isolating themselves in their homes. For these reasons, the home office has become the number one working amenity, with approximately 67% of people working from the nook of their home. Zoom calls and meetings which often require secluded areas, are better done at home.
Also, at-home entertainment and health services have been on the increase. Think of hot tubs, home gyms, pools, as well as things like board or video games and theatre rooms. All these factors combined have led to an increase in demand for homes and residents.
The Continuous Movement of People to Suburbs and Rural Areas: Due to the high risk of getting infected with the virus, especially in the urban centers, several individuals have begun to opt for homes and residents in suburbs and rural areas. If working from home persists as a norm, I’m convinced that this movement will continue.
Prior to the pandemic, many homebuyers seeking homes at affordable rates were finding them outside of urban areas. What happened is that the pandemic only accelerated this old trend.
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- Increase in Short-term Rentals: This increase is evident in all areas, but particularly in non-touristy places. Recent reports have shown that there are inclinations toward small towns and rural locations, with places at a driving distance of dense cities witnessing more of this.
When you also consider the rate at which people are being vaccinated against the virus, you should expect more and more people to start planning on visiting their loved ones soon. While some stays will be short-lived, others may be longer. This can lead to a considerable increase in the need for large spaces and homes.
- A focus on Cleanliness and Sanitation: Due to the panic still sticking around, there is a huge and increasing demand for amenities and homes that offer more sanitary, cleaner, and safer environments. Irrespective of the cost of these amenities and properties, people still go for them as long as their safety and well-being are guaranteed.
Final Thought
The real estate market is fast-growing and expanding. Daily, there are new trends and ways of doing things. As a real estate investor, there is a dire need for you to stay abreast of these trends to maximize your profits.
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