– Developers are integrating green technology into new builds: As a way of making a statement and appealing to the eco-friendly crowd, more and more developers are incorporating green technology into their property designs. This isn’t just about solar panels on the rooftops; we’re talking waste management systems, energy-efficient lighting, and anything else they can think of to fill your home with so much eco-friendly stuff, you could probably apply for nature reserve status.
– The real estate market is frantically searching for the pause button: Property prices skyrocketed in 2023 so much so that most people in the market are looking at their bank accounts and saying, “Where do these guys think I’m getting all this money from? The Monopoly Bank?” Housing prices have seen such a dramatic increase that the market is expected, necessary, and begging to stabilize a little bit in 2024.
– The pandemic’s influence is still being felt: Cheers to the telecommuting phenomenon! With more businesses embracing remote operations even as the pandemic’s impact faded, many employees are opting to move away from city centers to enjoy larger homes, fresher air, and less congested Zoom backgrounds.
– Inflation and Interest Rates playing see-saw: Inflation spiked, interest rates got jacked up and the real estate market has been on a rollercoaster ride because of them. One day it’s a buyer’s market, the next day it’s the seller’s and the day after no one knows whose market it is.
– The BRRRR Method – Buy, Rehab, Rent, Refinance, Repeat is booming – This strategy saw a rise in 2023 as investors searched for ways to extract maximum value from their property investments. You know you’re in a real estate frenzy when “BRRRR” isn’t just something you say in winter, but an actual property investment method.
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So, here’s the funny thing about real estate: it’s a lot like a doting grandma. You never really know what you’re gonna get but it always, somehow, expects you to leave fuller than you came.
Greener homes are now “the thing,” probably because we all decided to finally stop ignoring that nature has been throwing a global temper tantrum for a while now.
On top of that, real estate prices are so high they’re looking down at sky scrapers. The market is teetering on a cliff, trying to not fall into a recession-packed abyss, and everyone has their fingers crossed for a “chill pill” in 2024.
Thanks to the pandemic (surely the first time those words have been used together), the face of residential real estate got facelift. People are fleeing city centers faster than a cockroach from light, in search of more space to store their sourdough bread starters and coffee creamer collections.
Oh, and “BRRRR” isn’t just a thing shivering people say, it’s a real estate strategy now. We’re looking at a property landscape that changes faster than a cat meme in a Reddit thread. So, keep calm, and prepare for the wild ride that the housing market is bound to be in 2024!
Original article: https://www.inman.com/2024/01/03/whats-the-best-advice-youre-taking-with-you-into-2024-pulse/
