What are 2024's real estate trends?
Category Housing Market
In the ever-evolving landscape of real estate, staying ahead of the curve is key for both buyers and sellers. "From cutting-edge design preferences to strategic location choices, understanding current and upcoming trends can make all the difference," says John Herbst, CEO of Fine & Country South Africa.
READ: Selling: The importance of approved plans and proactive seller tips
Below, he provides a concise rundown of what you need to know whether you're buying or selling:
Location intelligence: It's more than just 'location, location, location' now. With remote and hybrid work having become the norm for many people, homebuyers are seeking properties in areas offering lifestyle amenities, green spaces like parks, and community vibes such as sports clubs. Sellers should highlight these aspects to attract potential buyers.
Sustainable living: Eco-consciousness is no longer just a buzzword; it's a lifestyle choice. Buyers are increasingly drawn to energy-efficient homes with sustainable features like solar panels, (which of course ease load shedding too) smart home technology, and eco-friendly materials. Sellers should consider making eco-friendly upgrades to enhance their property's appeal.
Flexible spaces: Homebuyers are seeking properties with designated home offices, workout areas, and outdoor living spaces. Sellers can highlight the adaptability of their spaces to cater to these changing needs.
Tech integration: Smart home technology is no longer a luxury but a necessity for modern homeowners. From smart geysers to security systems and voice-controlled appliances, tech-savvy features can significantly increase a property's desirability and resale value.
Outdoor oasis: With an increased focus on health and wellness, outdoor living spaces have taken centre stage. From expansive gardens to cosy patios and decked-out outdoor kitchens with entertainment space, buyers are prioritising properties that offer a seamless indoor-outdoor living experience.
Minimalism reigns: Clean lines, clutter-free spaces, and minimalist aesthetics continue to dominate the design preferences of both buyers and sellers. Neutral colour palettes, natural light, and functional layouts create a sense of tranquillity and spaciousness that appeals to a broad audience.
Virtual everything: The digital revolution has transformed the real estate industry, making virtual tours, 3D walkthroughs, and virtual viewings the new norm. Buyers can explore properties from the comfort of their homes, while sellers can reach a wider audience with immersive virtual experiences.
Community connectivity: Beyond the property itself, buyers are increasingly interested in the surrounding community and amenities. Proximity to schools, parks, shopping centres, country clubs and restaurants can significantly impact a property's value and marketability.
Emotional appeal: Buying or selling a home is an emotional journey. Sellers should focus on creating an emotional connection with potential buyers through staging, storytelling, and highlighting unique features. Buyers should trust their instincts and envision themselves living in the space before deciding.
Expert guidance: In a rapidly changing market, partnering with a knowledgeable real estate agent is invaluable. Whether you're buying or selling, a property practitioner can provide invaluable insights, negotiate effectively, and guide you through every step of the process.
By staying informed and adaptable, buyers and sellers can navigate the dynamic real estate landscape with confidence. Whether you're searching for your dream home or aiming to maximize your property's value, embracing these trends can help you achieve your goals in today's market.
READ: Top 7 items that get damaged when moving and how to protect them
An article published on Property24 on May 25, 2022, features Ana Roberts of Just Property Upper Highway, who explains that another great benefit of downscaling is that small spaces require less furniture - a few great statement pieces allow for simple, minimalist décor and a beautiful, welcoming home at a fraction of the cost of furnishing a big house. And the cleaning is a breeze!
Less clutter equals less stress, and isn't that what we are all looking for now?
Tips for cosy-home hunting:
Location, location, location - You want to remain close to your family and friends, and have ease of access to stores and other amenities such as doctors, hospitals etc. Narrow your search to areas that tick these boxes.
What are your deal breakers? Does the home offer the main assets that are important to you, for example, a good kitchen, nice family space, shower etc?
Current wants vs future needs - If you are downsizing because the children have moved out and you are getting older, consider a single story with the ease of access rather than a property with stairs that may cause a problem later.
Growing pains - Will you be able to handle the upkeep of a big garden, or is it time for something smaller that is more manageable? Will your pets cope with a smaller space; is there somewhere nearby where you could walk them?
Fit for purpose - Will your favourite furniture fit in the new space? Make a list of every piece with which you can't part. Take measurements. Then take a tape measure with you when you start narrowing down your list of potential new homes.
Storage war - Is there enough cupboard space in the bedrooms and the kitchen? Do you need outside storage too?
Peace of mind - Check the security features of each property you visit. Find out how safe the area is and what security is available. Ask the neighbours, chat to the local police, and phone a security company that focuses on the neighbourhood.
Guest appeal - Consider how many bedrooms you will need going forward - if your kids have all moved out of home, you may only need one spare room for when they or your friends come to stay.
Paper trails - Remember to ask for compliance certificates, even those that aren't required in your province (for example, gas installations and solar geysers should come with a compliance certificate - if something goes wrong and you don't have one, your insurers may refuse to replace the geyser, or cover damage caused by a gas issue).
Complex questions - If you are moving into a complex or an apartment, be aware that there may be the added expense of levies, clubhouse fees and/or security. Ask about historical escalation rates and request a copy of the body corporate rules (if applicable.)
Ask your neighbours if there are any noise issues, does sound travel through the walls and ceiling? How old is the plumbing, the lifts etc - upgrading such items is very expensive and you'll have to contribute. What parking is available for guests?
https://www.property24.com/articles/what-are-2024s-real-estate-trends/32086
Author: Property24