4 Real Estate Market Trends to Know
Are you about to start searching for a new home to purchase? The real estate market is always changing. From costs, to trends, to what is available, nothing stays the same for too long. Before you hire a real estate agent or start looking at new houses for sale on the market, it?s important that you do your own research. Learning more about what you want and what you can afford, whether that be luxury homes or a smaller townhouse, can help make the process more productive and take less time.
Interested in learning more about the real estate market? Keep reading for more information on some trends and things to know before you start your own search.
4 Real Estate Market Trends to Be Aware Of
Knowing what the current trends are in any field can be of immense help, especially when you intend to be spending money in that field. You want to make sure you are getting the most for every dime you spend. When it comes to purchasing your home, you always want to make sure you are happy with the decisions you are making and that you are not simply choosing something because it is popular. Here are four trends to take note of in the real estate market before you start shopping for a new home.
1. Homes that haven?t been lived in
Depending on where you are in life, you may or may not be able to afford a new home. Even if you are financially stable and can afford purchasing a home that has never been lived in, this still may not be the best option for you. Even so, many choose to go this route when making such a large investment. Nearly half of the people who purchase homes, according to Zillow, opt to go for one that is brand new.
You may choose to go this route, too, if you really want to invest in a home that you plan to spend many years living in. On the other hand, this may be a good decision even if you only want to live in the home for a few years. A brand new home may have a better resale value than an older home.
Currently, townhouses are one of the trends for millennials. Nearly 25% of millennials tend to spend time looking at townhomes. In addition to that, Zillow found that more than 20% of buyers actually hope to find a townhome that they can purchase.
When you start your search, be sure to assess what your needs are in regards to a home. Before you decide that you want to live in or purchase a townhouse, consider the pros and cons of this living arrangement. Make sure you have decided whether the space and conveniences of a townhouse versus a home are exactly what you need now and what you may need in the future.
3. Energy-efficient homes
Another trend in the real estate market is homes that are energy-efficient. This is a beneficial feature for a multitude of reasons. Energy-efficient homes can help you save money on your various bills. However, a lot of older, uses homes may not have this feature. You may have to consider looking at new homes or even luxury homes if you hope to get this feature when you make your purchase. In this instance, you will need to weigh the pros and cons of having an energy-efficient home with potentially having to invest in one of the luxury homes that may be out of your price range.
Another feature that is currently trending is finding a home to live in that allows walkability. More than 50% of millennials and nearly 50% of baby boomers prefer to have a home that has walkable neighborhoods. They enjoy having the space to walk around in their neighborhoods. In addition to that, they want to be able to walk to other places whether it be the grocery store, restaurants, the library, or somewhere else.
Which of these trends interests you and which may you avoid like luxury homes? Let us know your thoughts in the comments.