One of the most powerful cornerstones of the US economy is real estate. And, as a result of rising urbanization, altering consumer behavior, policy reforms, and the influence of COVID-19, this pillar is currently undergoing an upheaval.
As a result of this shift, numerous new residential dwelling trends have emerged. Here in this article, we will discuss the top trends impacting the future of the real estate as well as the top apps for agents that they can use to get more leads.
1. Remote work is making homes more important than ever.
Most office workers assumed that working from home would be a temporary arrangement when they received directives in March 2020. After more than a year, it’s evident that working from home is just the new way of working for many people. With the rise in work from home, many people are looking for homes that have a separate office at home. Workers have more freedom to buy a home in more cheap, desirable places without the constraints of a physical office.
According to Harvard Business School, properties that are appropriate for remote work are in great demand. Those homes’ prices have skyrocketed as a result.
2. Ready-to-move-in properties gain traction
Under-construction properties are losing favor due to extended wait times and increasing project failures. As a result, ready-to-move-in properties are becoming increasingly popular. Many builders have chosen the business strategy of building first and selling later to accord with this viewpoint.
3. Widespread adoption of technology
Even though many businesses have been hesitant to accept technology, fureal estate has always been at the forefront when it comes to harnessing its power. Furthermore, millennial homebuyers have been influenced by their continual exposure to new technologies. As a result, homes with a high level of automation and IoT technology are becoming more popular.
4. Growing demand for larger houses
Many homeowners have realized the utility of larger homes after spending a significant amount of time working indoors. As a result, demand for slightly larger homes with multifunctional areas such as office and activity space, as well as extra breathing room, has exploded.
5. Distance no longer matters
Most businesses will maintain their remote work culture while also experimenting with some form of WFH culture for their employees. This eliminates the necessity to select a property close to your office, giving prospective homeowners more options because they can now make judgments without regard to the ‘distance from the workplace’ aspect. The walk-to-work culture may lose its allure over time, and people will relocate to more inexpensive areas.
6. The decline in commissions will continue
Sales and property management commissions are on the decline. This is mostly due to new technology that enables agencies to operate more efficiently – and as they get more efficient, they lower their prices to attract more business.
