In the real estate market, trends can change quickly. From home buyers and sellers to renters and landlords, everyone is looking to stay ahead of the curve regarding trends in the real estate industry. With that being said, what will we see in terms of real estate trends for 2023? Dennis Crimmins shares his predictions.
The Impact of Technology
Technology has already significantly impacted the real estate market, from virtual home tours that can be accessed from anywhere to online home searches. As technology becomes more advanced and accessible, these advancements will likely make homes more affordable. For example, tech startups are working to decrease construction costs using 3D printing and prefabricated houses.
In addition, drone photography is becoming increasingly popular for marketing properties, which could lead to even lower overhead costs for property owners who don’t have to hire photographers or videographers.
Energy-Efficient Homes
Energy-efficient homes are becoming increasingly popular across the country as people look for ways to reduce their carbon footprint and save money on energy bills each month. Various factors, such as rising energy prices and increased awareness of climate change, drive this trend. As a result, more homeowners are looking for features such as solar panels or geothermal heating systems when shopping for a new home. Also, many states are incentivizing buyers by offering tax credits or other incentives for purchasing an energy-efficient home.
Green Living
In addition to energy-efficient homes, many people are also interested in living in green communities where they can enjoy access to sustainable amenities such as farmer’s markets or community gardens. These neighborhoods often feature modern architectural designs that incorporate recycled materials into their structures.
Moreover, green living communities typically offer residents access to alternative transportation options such as bike paths or electric car charging stations, reducing their carbon footprint and helping them save money on gas each month.
Growth Of Single-Family Rental Properties
Another trend we anticipate seeing throughout 2023 is an increase in single-family rental properties (SFRs). SFRs provide investors with multiple sources of income while also allowing them flexibility when it comes time for tenants to move out. This is because there’s no need for them to purchase a new property every time someone wants out of their lease agreement.
Furthermore, SFR investments provide owners with tax write-offs associated with owning rental properties, making them even more appealing than other types of assets, such as stocks or bonds.
Effects Of The Pandemic Still Felt
The COVID-19 pandemic has had far-reaching effects on our economy, including the real estate market. While some areas may have been hit harder than others (with prices plummeting due to job losses), other regions have seen an increase in demand as people flock from cities out into suburbs or rural areas where they feel safer from potential exposure risks associated with living in densely populated areas like large cities or townships. This trend could continue into 2023 if the pandemic is still on time — meaning that there may be an increased demand for properties outside urban centers while city dwellers look elsewhere for refuge during this difperiod period.
Additionally, due to economic uncertainty resulting from COVID-19, many people may feel uncomfortable taking on large mortgages right now, so they may opt instead for renting until they are confident enough that they can commit long-term financially speaking. This could lead to rental prices increasing significantly over time as vacancies drop due to higher demand levels throughout all markets nationwide regardless of the geographic area within US borders (urban/suburban/rural).
Conclusion
As we enter 2023, it’s clear that there will be some significant changes in the real estate market. Dennis Crimmins suggests that prospective buyers and sellers keep an eye on these upcoming trends to make informed decisions about their real estate investments. With an understanding of these upcoming trends, you can ensure that your investments pay off both now and in the future.
