Property investors know how crucial keeping up with the latest trends can be. Knowing what home buyers and renters want increases your chance of better catering to their needs. You can make better real estate investments and grow your revenue using the knowledge you gain from industry trends. It will give you a better idea of what to do with your property and how to entice your target tenants or buyers. This can also help you decide whether to invest in more properties, sell your real estate, or both.
Real estate trends come and go. But if there is one thing for sure, it is that housing will always be a hot commodity, especially in urban areas. Here are three current real estate trends that are likely here to stay post-pandemic.
Multigenerational Households
Millennials and Generation Z are moving back to their old nests. Baby Boomers are not only accepting their boomerang kids back into their homes. Some are even accommodating their senior parents who are aging in place.
Multigenerational households are becoming increasingly popular. But when at least three generations live under one roof, space can easily get cramped up, increasing the need for additional living space. Since some houses can only accommodate another member, many are looking forward to upsizing their homes.
Baby Boomers have mansion-like houses. They have enough bedrooms to accommodate new members of the household. But then, many are renovating their homes in an attempt to increase their living space further.
As a real estate investor, this could mean larger homes will continue to become a hot commodity. If you want to access the buying power of multigenerational households, you need to be more than creative to accommodate their bigger spatial needs. This means you can benefit more by investing in bigger houses.
If you already have a few properties in place, you can also consider hiring house extension builders. Creating more living space to accommodate bigger families is a great way to entice multigenerational families. Aside from extending the kitchen and the living room, you can opt to add a few extra bedrooms to your properties.
Millennial Homebuyers
Even with the pandemic, many millennials are ready to buy their first houses. They are most likely to use a mortgage loan to buy properties and are into fixer-uppers due to their limited budget. Since catering to millennial buyers meant dealing with digital natives, it only makes sense that you start stepping up your marketing game by taking your property listings online.
It is not enough to take great pictures of the house, add the “for sale sign” and post this online. What you need is to invest in better tech strategies to reach and catch millennial homebuyers’ attention.
For one, consider taking them on a virtual house tour. This allows you to minimize the need to accommodate every interested buyer just for a quick house tour. You only need to accommodate nearby buyers and serious buyers in your property.
Millennials living in a faraway location can still view the property over the internet and get a feel of your real estate. If they are truly interested in your listing, they can make an appointment with you so you can schedule them for a house tour once both parties are available.
Millennial homebuyers also want sellers to be transparent. Ensure the property already had a home inspection and that your paperwork is ready before you advertise the property. They might be willing to invest in fixer-upper homes but not in houses that will cost them more money for repairs than the value of the house itself.
Invest in smart and eco-friendly home features. Millennials are willing to invest in houses that are energy-efficient and have smart upgrades installed. Make your property modern by switching to a smart thermostat, energy-efficient appliances, and LED lights.
Increased Demand For Housing
These days, there is a high interest of home buyers but a limited number of active listings. With shelter in place recommendations, people want to find a secure place they can call their home. But since there are a limited number of houses for sale, the supply is not enough to accommodate the high demands.
Many people are looking forward to houses nowadays because of the lower mortgage rates. Homebuyers are taking advantage of this to finally become homeowners.
When there is an increasing demand for housing, one good investment choice is to invest in multifamily homes. With multifamily homes, you can accommodate tenants who are looking for affordable and quality housing. You can take advantage of the decreasing number of properties for sale to become a landlord and enjoy passive income.
The fluctuating economy usually leads investors to invest in real estate. The housing market shows how resilient it can be despite the pandemic, which most investors are willing to take advantage of. If you want greater success when investing in properties, make sure to keep an eye on the latest real estate trends and use this knowledge to your advantage.
