5 Exciting Ways the Real Estate Market Has Changed This Year
Right from the start, the pandemic has defied economic predictions and forced markets to be more resilient than anything in the history of the modern world. In March of 2020, our lives changed forever. There wasn’t a retail sector in existence that didn’t have to pivot in one way or another to survive – and real estate was not spared.
The post-pandemic real estate world is an entirely different place in many ways, some of them for the betterment of the market. Many Americans feared there would be a downturn in the real estate market, and even though it took a few punches, it bounced back in record time and is even better than before.
Below are five exciting ways that the real estate market changed this year:
- Environmental Elements
Over 80% of respondents on multiple surveys have indicated that they are more concerned with the environmental and social impact when considering a real estate purchase.
From sustainable material sourcing to renewable energy consumption and everything in between, the customers this year want to change. Fair labor wages and working conditions on a build are elements that were rarely considered before, but buyers and developers are more considerate in the post-pandemic world.
- The Drive Is Different
Many businesses realized during the height of the pandemic that changes had to be made for them to remain viable and, more importantly, profitable. The drive for buildings and real estate has changed, with buyers and developers focusing more on shared workspaces.
Trendy incubator spaces allow for shared business costs and can be divided into socially-distanced spaces if need be.
- Market Shift Awareness
So many estate agents fail to take advantage when the market shifts. The real estate market is very much a living, breathing being – it has ebbs and flows, it can be moody, and it changes more often than you realize.
That is why it is all the more important to strike while the iron is hot and take advantage of 2022’s market shift in real estate. Instead of being either a buyer or a seller’s market, 2022 has shifted it into a more balanced state – where both buyers and sellers can get a deal that suits them and their pockets.
- Social Media Advertising
One of the best ways to market your house is by using social media platforms to target your required audience. Houses have specific requirements from the market; some are better suited to families and are situated in good school districts, while others are geared towards singles who prefer urban living.
Social media is the best way to find your market and advertise your spaces.
- Virtual Viewings
More and more buyers prefer to take an initial look via digital platforms that offer virtual viewings. That helps them narrow down their options, which saves you both time and money.
Physical viewings are still necessary sometimes to secure a deal, but it means that you don’t need to spend hours on end entertaining non-buyers at show houses. As much as the market has changed, it really is for the better so there is no reason why you cannot make it work for you.