Understanding the ups and downs of the property market is extremely essential, especially if you are looking to buy or sell a property. Consistent market shifts along with price variations at regular intervals are the two major factors that make the property market difficult to navigate. In such circumstances, prospective buyers and sellers need to stay updated and aware of the latest trends that might bring in major shifts in the market in the coming years.
The following are the top trends that are yet to hit the global real estate market in the year 2015.
- The Property Prices are Rising on a Global Front
Owing to localized price bubbles in several nations, the property prices are consistently increasing. Experts predict that by the end of this year, at some places, the property prices will raise much above the level of what it should actually be. Property price rise is substantially going to affect the demand for properties in the outskirts of the big cities. Owing to low supply in the urban regions and high price rates, the majority of buyers will be inclined to the decision of buying properties which are near to the city but not actually situated within the city.
- Increasing Number of Buyers Inclined towards Turnkey Properties
With time more and more property buyers are looking for properties that are already in “ready-to-move-in” condition. The price in such cases is not creating much of a difference. First time property buyers with limited cash reserves do not want to face the risks and additional costs associated with renovating a property. In fact, the majority of them want to go for properties that do not require anything rather than a fresh coat of paint.
- Demand for Smaller and Greener Houses
With time, more and more property buyers are getting inclined for properties that are small. In fact, growth of micro families has forced people to opt for smaller spaces. This has given rise to the need of proper space management. Experts predict that by the start of 2016, the demand for big sized properties will drop significantly and preferential shifts among consumers will force them to opt for small sized apartments and condominiums. There is another interesting trend that has swept the global property market by its feet and it is the demand for green homes that are eco-friendly.
- It is Going to be a Seller’s Market
Just like the previous year, this year sellers can expect to earn some good revenue, as well. The demand for properties will stay consistent and as such the property sellers will have the opportunity to swipe among several buyers and opt for the one that agrees to pay the most. But in most of the cases, deciding the right price is necessary, because buyers have several, options open for them.
Apart from this, trending low mortgage rates is also being considered to be a significant market shift by the experts. This will most likely persuade the buyers to for high priced properties even if the cash reserves are low.