If you need assistance, please call 416-917-6566

5 Key Real Estate Trends to Look Out For In 2024

Wednesday, November 1, 2023   /   by Teresa Pileggi

5 Key Real Estate Trends to Look Out For In 2024

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.


  pileggi real estate team, sold guaranteed, team toronto, trusted broker, trusted realtor, sickkids foundation, sickkids hospital, investing, investor, buyers, buying, buying a home, evaluvation, housing market, buyer beware, housing market impact, valuation, value

Pileggi Real Estate Team - eXp Realty
Tom Pileggi, Broker
P.O. Box 1665
Holland Landing, ON L9N 1P2
416-917-6566

Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2024 Last Updated May 23, 2024
This site powered by CINC: www.cincpro.com