HomeKnowledgehome and officeEmerging Trends That Will Shape the Real Estate Industry in 2023

Emerging Trends That Will Shape the Real Estate Industry in 2023

Current real estate trends are a combination of positive and negative developments. To begin, property prices are expected to continue rising due to several factors. Apart from the preceding pandemic, the cost of owning a home will likely continue increasing due to the ongoing economic downturn, the emergence of new buyer demographics, and more. If you haven’t been following up, below are a few real estate trends to keep you updated.

1.   House hunting goes digital

Advancing technology and the pandemic accelerated digital migration in many sectors, including the real estate industry. Unlike before, finding Tulum homes for sale has never been easier. Digitization has made it possible for most potential homeowners to buy their homes without stepping foot first. Many people searched and paid for their homes even before seeing them physically because of the availability of virtual technology, which facilitated 3D tours and virtual staging.

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However, home tours aren’t the only home-buying aspect that has gone digital. Applying for and being approved for a mortgage can also be done online. Millennials, who mostly rely on social media, turn to technology in the search for new neighborhoods, easing home search and purchase.

2.   Adoption of alternative building methods

An increase in demand for homes created serious shortages, which caused the housing crisis in most regions. Real estate players, including contractors and investors, found an opportunity in the crisis by introducing new ways of building homes faster. Popular alternative building methods that offer a solution for the crisis are modular building and 3D printing.

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Modular building eliminates the risks and uncertainties of traditional construction. With this option, parts of a house are designed and built in warehouses or factories and then shipped to the actual location for installation. The approach is beneficial in the following ways:

  • Affordable – Constructing modular homes requires less time and labor, making them cheaper than conventional house building. It is a perfect solution for homeowners who need affordable homes in the wake of soaring house prices.
  • Energy-efficient – Modular building saves on the environment because it is done in a factory. There is less waste produced and noise pollution. Incorporating energy-efficient features, such as smart home appliances and solar panels, is also easier.
  • Faster construction – Constructing a modular home takes less time. Building in a factory or warehouse eliminates several factors that can delay house construction, such as security issues and inclement weather.
  • Customizable home design – Modular designs allow homeowners to make customizations and unique additions.

On the other hand, 3D printing helps speed up concrete and metal production. It also reduces waste produced, making construction more efficient.

3.   Biophilic home designs

Biophilic home designs are an emerging real estate trend, especially for eco-conscious homeowners. This design adopts an environmentally-friendly architectural style into the building. Key features of biophilic home designs include:

  • Natural light – Biophilic homes majorly rely on natural light.
  • Ambiance – Sound is crucial in biophilic home designs. Bird gardens, water fountains, and soundscapes are included to provide ambiance.
  • Earthy colors – Gray, green, brown, and other color tones associated with nature are primarily used.
  • Curved shapes – These homes embrace round and free-flowing shapes.
  • Greenery – Indoor plants and other forms of greenery as used to introduce natural colors into the home.

Endnote

There’s a significant change in customer preferences, especially in the real estate industry. Most people looking for homes currently focus on efficiency and sustainability. Other trends include migration from cities to suburbs, low mortgage rates, and a decline in the rental property market.

 

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