Almost every industry in the world is facing a significant shift, and real estate is no different. With changed economic conditions, tech advancements, and evolving consumer preferences, it has become hard to keep up with the new trends. Worry not! We are here with this guide on the future of real estate.
Let’s take a closer look at what to expect and how these trends will play out in the market.
Sustainable and Green Building Practices
Sustainability is everywhere and it has taken over the real estate market as well. There is an evident increase in sustainable real estate practices. People are more environmentally conscious than ever before, and they are looking for properties with the best green building elements. Features such as energy-efficient appliances, solar panels, and sustainable materials are no longer optional but expected. This has made investing in eco-friendly upgrades a necessity for sellers to sell their property.
Technology Integration and Smart Homes
As we move towards a more digitalized world, the integration of technology is set to change the real estate market forever. Smart home features like automated lighting, security systems, and climate control are becoming standard. It doesn’t stop there! Features such as virtual and augmented reality have made it possible for potential buyers to tour properties from any location in the world. Sellers must leverage these advancements to attract a broader audience and increase the value of their property.
Remote Work and Flexible Living Spaces
Perhaps a lifestyle change, remote work has impacted home design as well. Buyers now want properties with home offices and flexible living spaces to facilitate their remote work habits. This has resulted in a shift towards suburban and rural areas as larger homes with dedicated workspaces are more affordable in such neighborhoods. This creates a window for sellers in such areas. They can highlight such features of their properties to make quick sales.
Focus on Health and Wellness
After the world went through the COVID-19 pandemic, buyers have prioritized health and wellness. Buyers now look for features such as good air quality, natural light, and proximity to green spaces when they are looking for potential properties. Sellers can invest to improve such features of their homes to attract health-conscious buyers.
Settlement of NAR and Its Impact on Homebuyers
A significant change impacting the future of real estate is the settlement of the National Association of Realtors (NAR) on March 15, 2024. Under the new rules, homebuyers who want representation will have to pay their agents separately. This development, which received preliminary approval from a federal judge in April and is expected to receive final court approval in November, marks a shift in how real estate transactions are conducted.
Premier Real Estate Consultants offers expert real estate consultancy services tailored to your needs. Our local appraiser experts and home-buying consultants offer professional real estate valuation services. Get in touch with us today.
