5 Key Real Estate Trends to Look Out For In 2024

Overview

Although the real estate market is one of the oldest fields one can invest in, it is not immune to

shifting trends. Just like any other conventional industry, real estate has its highs and lows.

Thankfully, real estate has experienced immense growth thanks to its ever-increasing demands.

Whether you want to invest in a commercial or a residential property, there is a need for you to

note the various trends that are already affecting this market at the moment. After all, these

trends will, in one way or another, affect the real estate rising trajectory. Some of the trends to

watch out for in 2024 include:

1. House hunting has been digitized

Gone and never to come are those days when people used to house hunt the brick-and-mortar

way. Since the advent of the COVID-19 pandemic, most sectors have been digitized. Real estate

was not an exception. 

As we speak, buyers can now conduct virtual tours of various properties before they decide

which one to buy and the one they can let go. Thankfully, most real estate companies have now

started to appreciate the importance of 3D home tour videos, virtual staging, and so much more.

Additionally, getting a mortgage completed digitally. This has made it easier for buyers to access

and sign documents from the comfort of their homes.

2. Video marketing is on the rise

Apart from just taking photos of various properties, most real estate companies are now taking

videos of such units and then posting them on their social media platforms. From Facebook to

TikTok, there is an array of platforms where these companies are posting properties in a bid to attract

more customers. 

The good news is that most people have social media accounts and thus will be able to see those

properties as and when they get posted. As long as your video is convincing enough, trust that

you will always get more prospective home buyers interested in your current offers.

4. Virtual renovations

Anytime you choose to purchase a home, there are two main factors that you are likely to

consider. These include your emotions and finances. To put this into perspective, you intend to

see if your preferred home or property will fit your budget. Also, you would like to establish if

your desired property will feel like a home.

To achieve this, you are likely to make a few changes to your home in order to suit your needs.

With the current advanced technology, it is possible to visualize everybody’s dream home,

thanks to virtual renovations. This goes a long way in eliminating the need for you to imagine

that you are in someone’s home. Instead, you will be swept away by the way your desired home

could be in the event you own it.

5. Risk-buying options are on the rise

When it comes to owning a property, there are some options that can help you get started. To

start with, you can consider the rent-to-own option. Unlike other conventional options, this one is

ideal for those who want to own a property but are operating on a tight budget.

Here, you will have to rent your property for several months or years before you actually own it.

This option is ideal for those who might not qualify for a mortgage right away. However, this

option can be expensive in the long run.

Besides the rent-to-own option, you can consider taking a personal loan in order to make a down

payment. Although this can work well at first, it might still be expensive as you will still pay

more in the form of interest and fees. To be on the safe side, you should look for a financial

 

institution that offers a good interest rate on various loans so that you can get value for your

hard-earned dollars.

Conclusion

Whether you want to sell or purchase a property in the real estate market, there is a need for you

to be aware of the trends mentioned above. By considering these trends, you will not only get

value for your money but also remain competitive as an investor, as you will always be ahead of

the game. Since these trends keep on changing, brace yourself to deal with new realities every

now and then. As long as you are open-minded, you will get the most out of the real estate

market.