If you’re a homeowner, you may be wondering how you can take advantage of the current real estate trends. Which trends offer the most opportunities for profit, and how do you capitalize on them? While the real estate market is constantly changing, keeping up with current trends can help you gain as much profit as possible. This article will discuss some of the current industry trends and what you can do with them.
Home prices are on the rise
Home prices have been steadily increasing for the past few years. This trend will likely continue, so Pedram Zohrevand believes now is a great time to sell your home. Zillow shows that home values have increased by 6.9% over the past year and predicts another 3.7% increase over the next twelve months. If you’re considering selling your home, now is a great time to do it.
More people are renting
Have you ever wanted to manage properties for profit? With home prices on the rise, more and more people are choosing to rent instead of buy. According to a report from the Census Bureau, the number of people renting homes has increased by 1.4 million since 2006. This increase in renters provides an excellent opportunity for landlords to profit from the current trend.
Luxury homes market is booming
The high-end property market is in high demand, and buyers are willing to pay top dollar for them. According to the National Association of Realtors, the luxury home market is growing twice as fast as the general housing market. If you have a luxury property, selling it at this time could result in a hefty profit.
Increased foreclosures and short sales
Bargain hunters are on the prowl for fantastic real estate deals, as more and more foreclosures and short sales hit the market. Foreclosures are properties the lender has repossessed because the owner could not make payments. Short sales happen when a homeowner sells their property for less than what is owed on the mortgage. According to RealtyTrac, the number of foreclosures and short sales has increased by 20% since last year. If you’re looking for a great deal on a property to flip, keep an eye out for foreclosures and short sales.
A foreclosed house with a red foreclosure stamp running along the top of the picture.
A shift toward sustainable
The market for green and sustainable homes is growing rapidly, making it an excellent opportunity to add value to your home by making it more energy efficient. Some ways to make your home more sustainable include installing solar panels, adding insulation, or upgrading to energy-efficient appliances.
By making these changes, whether you’re in the market to sell or not, your home will sell for quite a lot more. According to the National Association of Realtors, an energy-efficient home is worth $15,000 more than a standard home.
Home is where the job is
The number of people working from home has been rising for years, and this trend will likely continue. In fact, a recent study by Global Workplace Analytics showed that the number of people working from home has increased by 115% since 2005. Homeowners have a tremendous opportunity to renovate a spare bedroom into an office or invest in properties with one.
Pedram Zohrevand.
If your home’s current layout doesn’t have space for an office, Pedram Zohrevand suggests building an accessory dwelling unit (ADU). An ADU is a small, secondary dwelling unit on the same property as a single-family home. By adding this to your property, you’ll be able to attract buyers looking for a space to work or even run a business from home.
Welcome to the suburbs
Families are moving to the suburbs in droves, which could be an ideal opportunity to invest in this kind of property. The suburbs offer plenty of space, exceptional schools, and a sense of community that is often missing in big cities.
Final Thoughts
The current real estate market offers many opportunities for homeowners to profit. Whether you’re looking to sell, rent, or invest, there’s a trend that can help you make money. By keeping an eye on the latest trends, you’ll be able to take advantage of the current market and make a profit