I’ve always been fascinated by the way people live and how their lives are shaped by the spaces they inhabit, and real estate is a fascinating way to explore that.
I started reading more about what was happening in present times and started searching what are the latest trends in the property market and then I realised that there is more to it than just selling houses. There are so many things going on behind the scenes that I never knew about before. As it is said “Knowledge is power”, therefore I have put efforts to assimilate some facts about the real estate market to empower readers with some insights about the real estate world.
Several factors impact real estate prices, availability, and investment potential. Demographics is one important factor which gives information on the age, income, and regional preferences of buyers. It also includes what percentage of buyers are retirees and what percentage might buy a second home, etc. Interest rates impact a lot on the price and demand of real estate. If rates are low, it brings in more buyers, and this reflects the lower cost of getting a mortgage. Government policies and legislation also impact a lot on real estate market and this includes tax incentives, deductions, and subsidies.
But what trends are we seeing in today’s market? What should you be aware of as you make your next real estate transaction? There are a lot of real estate trends that you can find on the internet, but I have found some interesting ones that I thought I would share with you. Let’s start with some interesting facts related to property-
1. Houses are getting bigger. As the COVID-19 pandemic refuses to disappear, people are looking for bigger homes.(Realtybiznew)
2. A balcony can increase the value of a one-bedroom apartment by almost 12%
3. The average age of a first-time home buyer is now 33. (Balancemoney.com)
4. A 105,000-square-foot Los Angeles megamansion known as “The One” in the Bel Air section of Los Angeles, was listed for $295 million, making it the most expensive listing in the U.S.(CNBC)
2. In Scotland homeowners paint their front door red once they’ve paid off their mortgage
3. Emotion is the biggest factor in the decision to buy a home
4. A new survey suggests that millennials are the most likely to buy multiple homes. The research paper ‘Beyond the Bricks 2’ by HSBC interviewed more than 10,000 people across 10 countries and territories to arrive at this conclusion. Their survey included 1,000 homeowners and prospective homeowners from Singapore. (Asianprimepropeies.com)
5) The average American is likely to move 12 times in their lifetime (Steinway)
6)The most expensive residence in the world is Buckingham Palace, England (Investopedia)
7) Massachusetts is the priciest US state to buy a home in (MarketWatch)
The global property market is varied in multiple ways. It is very important to have the right knowledge from credible resources before investing. It matters which credible resources you are getting your information about real estate. In UK web portal Citizens Advice is quite a known website to get answers related to property issues. The Channel News Asia in Singapore is famous for delivering the latest business and finance news on the economy, property, banking, finance, markets etc. Financial news websites like Bloomberg.Com is known for delivering business and market news, data, analysis, and video to the world. There are many websites which can help you to understand your financial status before you finalize any investment decision. Mortgage estimator websites like ‘https://www.mortgagecalculator.uk‘/ to find out how much your monthly mortgage payment will be based on the house price and how much deposit you’ve paid. The calculator on this site can be used for the market of any country and not only the UK market as the monthly payment maths work the same almost everywhere with only the home prices & currency units changing. With just a few quick questions, such online mortgage calculators will give you an idea of how much you could borrow, show your mortgage rates and compare monthly payments. The best part is it is free to use and there are no credit checks involved. A couple of things which make this website unique are graphs of loan repayment along with monthly and yearly amortisation tables.
Banks play a vital role in lending funds for various projects in every country. It is very important to be aware of various decisions, and updates by leading banks of major countries. Every country has some leading banks which get credit for having a major hold in the property market. In the UK Bank of England is known for its role in setting the interest rate, which impacts the cost of getting a mortgage. The Bank of America is known for its position in the United States of America. DBS bank of Singapore was named fifth time World’s Best Bank by the US-based financial publication Global Finance and is known to continue building its foundational strengths while keeping financial performance resilient and maintaining support for stakeholders and the wider community. .
I’m sure you’ve heard the old saying: “If you want to make money, buy low and sell high.” But what does that actually mean? Buy Low, Sell High is arguably a more effective investment strategy for real estate. That’s because properties it is said, tend to appreciate with time. When you purchase a property, you have more confidence that it will grow in value. There has when prices fall, you can see lots of homes are listed. Listed properties are spending many days on the market, and then closing costs are low. When you’re buying real estate, it’s important to look at the market as a whole and use that information to inform your decision-making process. If you want to make money off of real estate, then you need to know how things work on the market right now.
In light of the COVID-19 crisis, the real estate market has changed quite a bit. The local real estate market is currently trending downwards due to lower demand and higher supply. This has resulted in lower prices for homes and apartments across the board, which means that now is a great time to buy or sell a home if you’re looking to make some changes!
If you’re considering buying a new home, you might be wondering whether it makes sense to rent first and then buy later on. I will recommend renting first if you’re not sure what kind of house will fit your needs best. It’s never too early to start thinking about how much space you need!
If you’re considering selling your current home, you must understand exactly how much money you can expect to get out of it before listing it with an agent. Real estate agents typically provide free estimates on how much they think your home will sell for once listed on their website – look into this option first before listing with anyone else!
Buying a home is always an exciting time, but it can be daunting to know where to start. How do you know whether it’s the right time and place for you? How do you find the right home for your family? And how do you make sure that you’re getting the best deal possible on everything from mortgages to renovations? The local real estate market is a great place to start if you’re thinking about buying your first home. You can find the best deals in your area, and not have to worry about finding a job or commuting from far away. It’s important to know what you are looking for when buying a house. Consider what type of neighbourhood you want to live in, and how far out of town you want to be. This will help narrow down your search and make it easier to find the perfect home!
You should also make sure that your credit is in good shape before applying for any mortgage loan. The last thing you want to happen is for the bank to deny your application because of your poor credit history! If you’re looking at homes in other areas, consider getting pre-approved by a lender before heading out on tours. If you are planning on buying an overseas property, this step may be especially important since some lenders don’t offer mortgages outside their local area. Find out what kind of mortgage is available around your area: You can get pre-approved for a mortgage with just one phone call! The most important step is knowing what type of mortgage fits your financial situation. There are different types of loans available, including fixed-rate loans, variable-rate loans and adjustable-rate mortgages (ARMs). If you have questions about which type of loan is right for you, consider talking to an experienced lender who can explain all of the options.
We know that COVID-19 has had a major impact on the local real estate market. The key to navigating the current state of affairs is knowing what to expect and how to react to it. If you’re thinking about selling your home or want to invest in a new home, but are worried about how much it will sell for in today’s market or how much cost it will be, don’t fret! Become an informed citizen first and then take a decision.
Subscribe to an online magazine for women at www.womenlines.com to become the best version of yourself! Womenlines is a weekly online magazine publishing content on business excellence, health, and leadership Skills and is listed in the top 60 women’s online magazines to follow in 2022!
Also read: A Leader Promoting Sustainability across all Sectors- Esther AnFollow Womenlines on Social Media