The Future of Real Estate: Emerging Trends to Watch

Photo Credit: Doug Petersen As the new year begins, real estate continues to change and evolve to fit with technological advancements and shifting societal norms. From sustainable living to virtual tours, several trends are shaping the future of housing. Let's explore these emerging trends that are expected to leave a lasting impact on how we buy, sell, and live in our homes.   Home Efficiency: Photo Credit: David FishEnvironmentally friendly living is taking center stage in the real estate landscape. As sustainability becomes sought after by buyers, “green homes” are gaining popularity. These houses incorporate eco-friendly practices, such as energy-efficient appliances, solar panels, and energy-efficient windows. These homes not only positively impact the environment, but also can lead to lower energy bills for the homeowners.    Smart Features: Photo Credit: David Fish The integration of smart technologies is revolutionizing the way we interact with our living spaces. Smart homes with connected devices and automation systems offer enhanced security, energy efficiency, and convenience. These high-tech devices include thermostats that can be set on your phone, security systems that can be controlled remotely, and smart lighting throughout the house. These devices add convenience to our homes and buyers are prioritizing homes with tech built in. The future holds the promise of even more sophisticated and interconnected smart home solutions, making our living spaces comfortable and intelligent.   Home Office Space: Photo Credit: Doug Petersen The rise of remote work has changed what homebuyers are looking for in their ideal homes. With an increasing number of people working from home, homebuyers now prioritize dedicated office space. The real estate industry is adapting to this shift, with builders and developers incorporating flexible and multifunctional spaces to accommodate these needs. The home is transforming from a living space to a versatile place that supports both life and work, a lingering change from the pandemic.   Smaller Single Family Homes, More Townhomes, Larger Condos: Photo Credit: Tony Moody Higher mortgage interest rates and a shift in lifestyle have placed emphasis on smaller single family homes with less bedrooms. The National Association of Home builders says that the median square footage of new single family homes is 2,261, a little more than 200sf smaller than in 2015.. At the same time, renters are seeking more space to accommodate changes in remote work and more luxury amenities. Demand for luxury apartments remains intact heading into 2024, especially in retirement areas like Florida and Arizona.    Natural and Native Landscaping: Photo Credit: Doug Petersen Concerns over climate change and resource availability is forcing homeowners to reconsider whether the grass is greener on the other side. Yards consisting of native/drought-tolerant plants, rock, and other hardscape are being prioritized over lush, water hungry lawns. In desert climates like Idaho, Arizona, and California, xeriscaping has been popularized and is becoming more accepted by HOAs. Rising Home Prices and Less Inventory: As demand for housing continues to surge, the real estate market is grappling with rising home prices and dwindling inventory. The National Association of Real Estate predicts home prices to rise by 2.6% in 2024. The competitive market will force buyers to act swiftly, while sellers enjoy the benefits of increased property values.

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November Market Update 2023

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Your Zillow 'Zestimate' May Be Wrong

There's no denying the convenience and accessibility of online tools such as Zillow when it comes to buying and selling homes. Many use the home value estimate, or ‘Zestiment’, given by Zillow, as the correct home value when selling their home. But, is the convenience of Zillow's estimates too good to be true?   Third-party valuations are usually incorrect. Zillow and other third-party estimates fail to correctly price your home. Even Zillow itself gives a disclaimer suggesting that you get a professional appraisal. Many third-party valuations base their estimates on zip codes. This means that your recently updated home could be priced the same as one down the street that hasn’t been updated in decades. They also don’t differentiate between homes in different school districts or outside of city limits. Listing your home based on a third-party estimate is a recipe for losing money!   How experienced realtors properly price a home. Experienced realtors price a home through much more detailed methods. They consider updates and upgrades. Did you just remodel the kitchen or finish the basement? Your price should reflect this investment. Home conditions are also considered. This means how well the home was taken care of, if it has any major flaws such as roofing issues, or if maintenance has been kept up with. Location is a major factor as well. Homes in good locations, such as close to downtown, in a desirable school district, or in a nice neighborhood, are preferable for buyers and will be priced higher. One huge advantage experienced realtors have is recent sales data and knowledge of local microeconomics. With access to this information, they are able to see what similar homes have sold for recently, and therefore be able to give a more accurate valuation of your home.   Want a no-obligation home valuation from our team? Lysi Bishop Real Estate offers a no-obligation home valuation from an experienced agent at no cost. Go to this link to see what your home is really worth!

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