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7 Upcoming Trends That Will Impact the Real Estate Market

By Jamie Richardson | October 27, 2020

It is almost the end of 2020, and a lot of happenings recently pose challenges in the economy. There is an evident downfall in the real estate industry. Still, these challenging times also proved that realtors could be more resourceful and innovative, looking for ways to alleviate the real estate market.

As part of the strategies, realtors start by uncovering the trends and some ways to use them to stay relevant in the field. The changes are constant, and it will not only end this year, but it will also be the thing in the next years.

So, what are these trends that will likely have an influence on the real estate market in the next years? Here is the list for you.

An Increasing Demand for the Perfect Spaces

Due to the pandemic, people want a more conducive space for living. Contrary to the prediction that homes would not sell much this time, there has been an increase in house demands from residents moving or looking for a more spacious property for their family. Since people’s mobility is limited, there should be a bigger space in homes for a living room, entertainment, work, and school spaces.

More Realtors Are Needed

Facilitating real estate deals is not easy, especially with inexperienced agents. There are more part-time agents this time, and they account for almost 50% of the transactions. There is nothing wrong with them handling deals, but clients have preferences that sometimes need professional expertise. Simultaneously, the need for expert photographers and editors will rise, since they help with real estate photography - a gem for both realtors and the industry.

Countryside Properties Will Be In-Demand

More companies shift into remote work set-ups, and for other people, freelancing is a great option. Honestly, there is no need anymore to stay in the city since you can work even in the province. People will start to migrate to places where the cost of living is not too high.

More Focus on Health and Well-Being

Buildings or any properties now in this time of pandemic should consider more valuable spaces that impact health and well-being. They should consider safety measures and implement more policies that focus on tenants' or clients' overall health.

An Increase in Great Workspaces

With the changes in the employment set-up, more people will soon look for versatile workspaces that are affordable and safe. There will be a predicted demand for spaces that are on lease for short-term purposes or shared coworking spaces that can cater to small businesses. Certainly, the need for fully outsourced works means demand for customized offices, so it will likely boom in the next years.

More Alternatives to Security Deposits

One big struggle of renters and other tenants is the deposit money required by some home or apartment owners. The pandemic toll greatly affected everyone, so having other options than asking for a deposit can really help a lot.

More Properties are Set for Foreclosures

Earning enough money is hard, especially with more companies declaring bankruptcies. That is why even if there is an expected increase in the number of homeowners, the likelihood of more foreclosures is also very high. It is unlikely that it will end up like the early 1990s, but we should not be surprised; we all see this coming.

The question now is, how well can you embrace these changes as a realtor? Indeed, it can be a big challenge, but you can still survive and remain the best agent in your area if you persevere. Knowing these trends is your key to leveraging yourself from others, so use it well.

Jamie is a 5-year freelance writer who enjoys real estate. He is currently a Realty Biz News Contributor.
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