Real estate is an industry that is constantly changing. Whether you’re a keen investor or simply looking to move home, it’s important to know about the latest trends that are helping to influence how this thriving sector is operating. These trends will help you make decisions that can encourage your business to thrive.
Space is one of the most important elements in any house, and when people refer to liveable space, they’re usually referring to how many rooms there are and how much living space there is. The average number of rooms available in a newly-built property has increased dramatically since the 1950s — from four-and-a-half rooms to eight-and-a-half. This has been driven by a number of factors, including the rising costs of land and the fact that people are more likely to live in smaller families than they were decades ago.
The newest homes tend to be built with an emphasis on space and light rather than on additional rooms. For example, there is sometimes a long open plan kitchen/living room, or a kitchen/diner which is open to the living room. This allows the occupiers of the property to have lots of natural light during the day and maximize on space within their home.
Renters are expected to pay a lot more for their rented accommodation than they were previously. There is a huge demand for rental properties in most major cities – especially those that have become popular with tourists looking to enjoy their summer holidays – which has inflated rent prices dramatically.
Stable mortgage rates
It used to be the case that the cheapest mortgage rates were available for fixed-term loans, but in recent years this has changed. Now, it’s more common for people looking to buy a property to get a fixed-rate mortgage with their purchase and then pay interest-only on their loan. This means they don’t have to pay back the amount they originally borrowed but can simply pay interest each month. This is much cheaper than paying back the full value of the loan each month because it does not cost them anything in terms of capital.
Better estate agents
Estate agents are incredibly important for the home-buying and selling process. They’re responsible for taking care of the legalities that come with buying and selling a house, as well as advertising your property, and organizing open houses where potential buyers can view it.
Nowadays, demand has increased for an agent who is on hand to ensure the entire process goes smoothly. Customer communication management software has helped to change how companies interact with the people who buy their products, and it can also help real estate agents invested in helping their clients.
Suburbs over cities
For years, city living attracted people looking to enjoy the social atmosphere and the convenience of being in a busy area where they could easily access shops, restaurants, public transport, and more. Today, however, there is an increasing trend towards people moving to suburbs to avoid the high costs of city life. This has opened up opportunities for realtors looking to sell suburban properties and people who want to start businesses in the suburbs that cater specifically to people living there.