We all know things change over time, including yearly real estate trends. Let’s look at a few must-know real estate trends for 2023 now, so we have a better idea of what to expect later! These trends were outlined in the Emerging Trends in Real Estate Report produced by PWC and The Urban Land Institute.
A change of pace is coming.
In 2021 and earlier this year, real estate was moving at a record-setting pace. However, things are starting to “normalize” once again.
That means homebuyers should be on alert as the shift begins to solidify from more of a sellers’ market to more of a buyers’ market moving forward.
Homes are starting to spend a little more time on the market, for instance. This not only gives interested buyers more time to look for their ideal homes, it may also give them a slight edge when it comes to negotiating.
Weather matters.
This may be one of the more surprising must-know real estate trends for 2023. But people are paying more attention to areas affected by extreme weather.
Flooding, wildfires, hurricanes, tornadoes and other natural disasters tend to occur in certain U.S. areas. Now, experts have noticed that home sales have shifted away from areas prone to more active weather patterns.
This is one trend that could result in a real estate boom for parts of the country that fall into a “low-risk” category for extreme weather.
Remote work is a game changer.
Any way you look at it, the shift to remote work has directly affected both commercial and residential real estate.
From the commercial side, businesses have continued to downsize or close completely as employees work remotely more often. However, this trend is leaving many good commercial spaces open for new possibilities.
In terms of residential real estate, remote work has created a shift in priorities for many homebuyers. For example, a designated office space might now be a must-have. Homebuyers are also on the lookout for more environmentally-friendly, energy-saving features.
Summary
With these must-know real estate trends for 2023 at the top of your mind, there is no better time to connect with Ryan Roberts! Whether you are buying, selling or both, he is your local expert. For more industry news and trends, keep reading our blogs.