In the dynamic realm of real estate, staying abreast of emerging trends is essential for investors. As an investor, it’s crucial to stay informed about the latest developments in the real estate market. In our recent post, we delve into innovative and novel approaches that individuals are embracing in the ever-evolving world of real estate investment!
As a younger generation enters the realm of real estate, there are emerging trends and strategies that warrant attention. Young investors are introducing innovative approaches, swiftly adapting to evolving market dynamics. It’s crucial to stay informed about the practices of these investors, even if they operate in slightly different niches than what you are accustomed to. Embracing a diverse range of strategies can contribute to a more comprehensive understanding of the dynamic real estate landscape.
While once confined to larger cities, mixed-use developments are now emerging across the country. Although the concept of combining residential, commercial, and recreational spaces is not new, there’s a growing trend of people seeking integrated environments where they can work, shop, and live all within the same area.
Properties that offer something unexpected can be a big hit with buyers and renters. Think about turning a closet into a wine cellar, or maybe adding an oversized jacuzzi tub in the master bathroom. These things can be done relatively cheaply and will make the buyer or tenant feel extremely luxurious.
Short Term Rentals
Short-term rentals are experiencing a growing popularity daily, driven by the increasing appeal of the nomadic lifestyle, particularly among younger renters. The rise of remote work opportunities has empowered people to embrace a flexible lifestyle, enabling them to move from one location to another seamlessly. Freelancers, in particular, are leveraging the ability to work from anywhere in the world, leading to a trend where individuals choose not to stay in one place for an extended period.
With sites such as Air BnB, vacations rentals are more popular than ever before. People are buying up properties and renting them out to people passing through. In many cases, you are able to see the profits in one week that you would in a month with a typical house rental.
While trendy, small houses are also incredibly functional. Having smaller homes allows for increased density in overpopulated areas. Small houses appeal to many people who don’t want to feel cluttered by a ton of stuff. They are geared to people looking for a simplistic living situation. Less space means less to clean!
People love smart TV’s and now people are falling in love with smart homes. A central automation system that can control lighting, heating, cooling and many other electronics can be set up and installed in almost any home. New construction properties can take the trend one step further by adding things like heated floors and retractable skylights. Smart technology is popping up everywhere these days. You can even install a smart shower and toilet! Smart homes are even being built with Amazon’s Alexa built right in!
Millennial buyers are actively participating in the home-buying market with a strong presence. While many were previously city-dwellers, there is a noticeable shift as more millennials seek homes in the suburbs, distancing themselves from the hustle and bustle of city life. Their preferences differ from their parents, as they prioritize community-driven areas, seek out unique dining experiences, and explore offbeat shopping destinations. The evolving housing preferences of millennials reflect a desire for a balanced and vibrant suburban lifestyle.
Watch out for “Boomerang Buyers” who are once again in the market to buy. Boomerang buyers are people who lost their homes 7 years ago due to foreclosure. They are now able, ready and eager to buy new and permanent real estate. Many of these people fell into bad lending practices, but are now ready to buy with ease.