Real estate is going through new trends, and this is happening due to the ongoing pandemic. Pandemic has changed the way of living for most of the world population, and people fled big cities and stayed at home working remotely, resulting in the emergence of new trends in real estate.
With emerging trends in the real estate market, many things have been changing from an increase in the price range to decreasing buying capacity of people. But if you are an investor or real estate agent, then there are many things that you need to know about emerging real estate trends before making any deal or purchase.
Jordan Fletcher St. Catharines is a successful real estate developer with many years of experience acquiring and developing properties across Ontario, Canada. Thus, feel free to take his advice.
Buying Activity is Decreasing
Buying activity is on its way to slowing down due to many reasons such as many people have lost their jobs, facing deductions in salaries, increase in consuming activities, and remote jobs with low pay.
Jordan Fletcher St. Catharines focuses on the details of developing and managing properties. He is always interested in new properties by working closely with national and local offices.
Rents are Increasing Very Rapidly
Suppose you are a landlord or an investor interested in giving properties, homes, shops, etc. In that case, you will make more than a decent profit from your rental income because the eviction ban finally ended and has increased the rents. According to the recent report of Realtor.com, rents have jumped by a massive percentage of 11.5% between August 2020 and August 2021.
Home Prices are Increasing
Don’t stop investing in the housing industry because others are stepping back due to low home sales. Existing homes are getting sold at a very decent price range, and sometimes they get to trade in the premium price range. Recent stats of the House Price Index from the Federal Housing Finance Agency shows the increase in price range and the price has increased not just by 2-5% but has increased 19%.
The rise in Online Presence
As the world is going through a pandemic, people worldwide are adopting new methods of living and surviving; shopping is one of the things that is now being done almost entirely online. From ordinary grocery shopping to buying houses are now done through the internet from home comfort.
With this latest trend of internet shopping, investors and real estate agents have to make their presence on the internet. They have to create an online portfolio for customers to contact them from home comfort.
To make real estate beneficial for yourself, you have to understand the importance of ongoing trends and use them to grab more customers. If you don’t know the emerging trends, this could be bad for your business or real estate agency. So be aware of trends in the real estate market.