• Smart homes are becoming increasingly popular due to advances in home automation and IoT technologies.
• Remote work has led to a shift toward finding homes outside major cities that offer amenities such as parks or entertainment venues.
• Green building materials and technologies are becoming more desirable for their energy efficiency, air filtration capabilities, and value-add.
• Multi-generational living spaces are becoming increasingly popular as families become larger or grandparents move in with their children/grandchildren.
• More lenders offer specialized financing options for first-time buyers or those with low incomes, making homeownership more accessible than ever.
As people look ahead to the next few years, it’s clear that real estate is an industry that will continue to evolve and grow. As a result, everyone should expect to see many changes and new trends emerge as technology advances and consumer preferences shift. Here are the five most likely trends shaping the real estate market over the next five years.
The Internet of Things (IoT) has revolutionized home automation, allowing homeowners to control their home’s lights, security systems, thermostats, water heaters, and more from their smartphones or other connected devices. This trend is expected to continue in the coming years as homeowners become more aware of the options available to them and look for ways to make their homes more convenient and energy-efficient.
Remote Work & Virtual Tours
Due to the pandemic, there has been a massive shift toward remote work. As a result, many people are now looking for homes outside of major cities where they can work remotely while still having access to amenities such as parks and entertainment venues.
People should also expect virtual tours—which allow potential buyers to view properties without leaving their homes—to become increasingly popular.
Green Building Materials & Technologies
As awareness around climate change increases, so does interest in green building materials and technologies such as solar panels, geothermal heating/cooling systems, rainwater harvesting systems, etc. These technologies reduce energy consumption and create a healthier home environment by filtering air pollutants such as dust and pollen. Additionally, they can help lower utility bills while increasing property value simultaneously.
Growing Demand for Multi-Generational Living Spaces
As families become larger or grandparents move back in with their children or grandchildren due to economic hardship or rising healthcare costs, people may see an increase in demand for multi-generational living spaces that can accommodate extended family members comfortably while still offering privacy when desired. This could mean separate entrances/living quarters for each family member or large open floor plans with plenty of room for everyone under one roof.
More Accessible Financing Options
It’s no secret that buying a house usually requires significant financial resources – often beyond what many people have saved up on their own – but with more lenders offering specialized financing options such as low down payment mortgages or loan programs specifically designed for first-time buyers (or those with low incomes), it may be more accessible than ever before for people who otherwise wouldn’t be able to purchase a home on their budget get into house hunting game over the next few years!
Tips to Take Advantage of These Trends
These trends can make a huge difference, especially if you want to sell your home this year. Here are ways you can take advantage of these trends.
Build the Perfect Home
If you want to invest in your home, focus on making it “smart” and energy efficient with the latest technology. This will make your home more attractive to potential buyers and increase its value. You can contact your local custom home builder to find out what features are available in your area. Then, ensure that these features are included in any home you buy or build.
Renovate to a Sustainable Home
Sustainability is crucial to the modern home buyer. Renewable energy sources and efficient appliances are in high demand, so if you’re planning to renovate your property, consider installing sustainable options such as solar panels or updated water-saving devices.
Create Virtual Tours
If you’re selling a home, creating virtual tours is essential to reach potential buyers who may not be able to view your property in person. Utilize tools such as Matterport and Zillow 3D Home Tours to create realistic virtual tours that can be viewed from the comfort of potential buyers’ homes.
Look for Financing Options
If you’re in the market to buy a home, look into unique financing options available to first-time or low-income buyers. Your real estate agent can help you find the best program for your needs and budget.
Whether buying, selling, or investing in real estate, it’s essential to keep up with the latest trends. By staying informed about changes in the industry and taking advantage of new technologies, you can get the most out of your real estate experience!