The real estate market has seen significant changes over the years, and 2021 is no exception. With the pandemic still affecting the industry, real estate professionals need to be prepared for new trends that will shape the market. In this article, we’ll discuss the top 10 real estate trends for 2021.
1. A shift towards suburban living
With work-from-home arrangements becoming more prevalent, people are flocking towards the suburbs to find more affordable larger homes. The desire for more space and a different lifestyle is driving this trend.
2. Increase in home sales
Due to low-interest rates, home sales have remained strong. Additionally, millennials are entering the market, and the baby boomer generation is looking to downsize, leading to a greater demand for housing.
3. Virtual showings
Virtual showings are now the norm as buyers and sellers want to minimize face-to-face contact. With technology and the use of virtual reality (VR) tours, homebuyers can now view properties from the comfort of their homes.
4. A new focus on health and wellness
Health and wellness are now an essential aspect of people’s lives, and this has led to a new trend in real estate. Builders and developers are incorporating wellness and health amenities in homes and communities, such as gyms, meditative spaces, and gardens.
5. The rise of flexible living spaces
With work from home becoming more commonplace, living spaces need to accommodate home offices. Many new homes now include these flexible living spaces where homeowners can work and relax.
6. Eco-friendly homes
Green and sustainable homes are on the rise, as people become more environmentally conscious. Features such as solar panels, low-flow faucets, and rainwater harvesting systems increase a home’s sustainability and value.
7. Outdoor living spaces
Outdoor spaces are more important than ever, with homeowners wanting to make the most out of their outdoor areas. Amenities such as firepits, outdoor kitchens, and pools are now becoming common in homes.
8. Smart home technology
Smart home technology has been around for years, but it’s now becoming more accessible to regular homeowners. Features such as voice-activated assistants, automated heating, and security systems are now standard in many new homes.
9. The rise of co-living spaces
With rents rising in many cities, co-living spaces are becoming more popular. In these, individual rooms share common spaces, such as kitchens and living rooms.
10. The renewed interest in second homes
The pandemic has led to people considering second homes as an escape from the urban environment. With travel restrictions, many are looking to buy second homes in rural areas or at the beach.
In conclusion, the 2021 real estate market is set to see significant changes, driven by the pandemic and changing consumer preferences. The shift to the suburbs, virtual showings, Eco-friendly homes, and health and wellness amenities are just a few of the changes you can expect. As such, real estate professionals and homeowners should be prepared to adapt and take advantage of these trends to achieve their goals.
