8/15/2023 0 Comments Forbes home inventory appsHowever, it is not all green pastures for the industry.Įxisting-home inventories are at record lows as owners hold out because of the pandemic. And, the rise also means that the market will hit more than 1 million housing starts for the first time in many years. This rise is likely to continue this 2021 by 5% according to Robert Deitz, National Association of Home Builders chief economist. This can be inferred from the aforementioned increase in housing preferences like demands for home offices, outdoor amenities, and larger spaces. Remote working and the easing back to social life may also be a part of it. And, it may just well be that health and safety concerns are the main drivers. This reflects the demand of consumers to have their own homes. By Q1 of 2020, the figure rose to 65.3% with Q3 of the same year ending up with 67.4%. In the first quarter of 2019, US homeownership rate was at 64.2%. This is an exciting time for the real estate industry as disruptions bring about new opportunities. Besides, many property owners have also been using property management software to boost profits in their portfolios. Developments and their drivers are bound to impact both buyers and sellers who continue to be cautious yet harbor certain levels of risk. But the numbers show that the homeownership rate in the US has generally risen since 2016. It may be normal for people to find this surprising. After this reading, you should be able to better plan any real estate purchase that you may have lined up. You’ll also understand what experts and normal homebuyers think and feel about the US real estate market in general.įurthermore, you’ll get to learn the changing buyer preferences and the onset of new tech that are expected to make further alterations in the real estate market. Here, we present to you the latest real estate trends, including research results that have many pundits remaining confident of the real estate market. Hence, some sectors are not that comfortable with the increase in home prices, expressing worries that a housing crash may be on the horizon. Other factors include the ongoing economic downturn and the emergence of a new buyer demographic (Forbes, 2019), in the form of Millennials. This, too, has been heavily affected by the COVID-19 pandemic. For starters, the prices of real estate property continue to skyrocket, which is being driven by a variety of factors. The latest real estate trends are best described as a mixture of both positive and negative developments.
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