10 New Real Estate Trends In Connecticut

10 New Real Estate Trends

Current trends in real estate include a mix of postive and negative developments. The market has been heavily affected by the Coivd-19 pandemic that has created a new housing enviorment which is expected to alter the way we approach real estate for the next years and maybe beyond.

Here are the 10 key emering real estate trends:

1. Increased Homeownership - Homeonwership rates have increased 2020 and are expected to rise by 5% by the end of 2021

2. Lower Interest Rates - Lower consumer spending during stay at home orders have resulted in lower interest rates, helping affordavility ratios.

3. Steep Increase in Housing Prices -  Real estate has entered a seller's market that may increase inventory, slowing the pace.

4. Millennial Home Buying Strong - Millennials comprise 38% of the home buyers and seek mid-to-upper-middle class homes.

5. Affordable Homes Popular - 87% of the homes purchased were resale as millennials opted for homes needing TLC and updating over turnkey properties.

6. Shift to Second-Tier Cities -  Real estate investors and buyers moved out of high-cost markets to second-tier cites and suburbs.

7. Technology Impact - Real estate professionals are using online home selling platforms, apps soicl meida, and smart home technology to enhance effectiveness.

8. Mortgage Interest Rates Expected to Settle -  As the economy continues to grow, experts expect interest rates to rise and then settle.

9. More Demand for Luxury Homes -  In the 3rd quarter of 2020, high-end home sales increased 60.7% year-over-year and this trend is expected to continue as more buyers prioritize an at-home lifestyles.

10. Smart Home Technology to Attract Tenants -  Property managers are offering smart home technology in rentals units to attract and retain tenant.

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