Real estate trends ebb and flow. One year, certain aspects of real estate may grow in demand and then swiftly drop off as the calendar switches over to the following year.
As a REALTOR®️, it’s crucial to understand these trends not only to be knowledgeable about the market but also to tweak your marketing practices to get the best return on your investment based on the current situation.
Current Trends in the Real Estate Market
The real estate market is ever-evolving with the times, and this year’s trends revolve around the younger generations and what matters most to them.
Smart Homes
Millennials and Gen Z are the new buyers in the market today. They expect a digitally enhanced experience, which means they want more smart home capabilities, such as automated lighting and thermostats, smart locks, and virtual assistants.
Sustainable homes
The generations coming into home ownership have a strong sense of the environment and what needs to be done to protect it. Because of that, they desire homes that are eco-friendly, sustainable, and have the smallest carbon footprint possible.
Alternative housing
Breaking into today’s housing market is a financial feat out of reach for many. That means that alternative and affordable housing, such as condos, townhomes, and micro homes, have become the highest areas of interest.
Community living spaces
Younger generations are more likely to use their money for experiences rather than ownership, so they are more interested in buying properties that offer community spaces, such as co-working spaces, recreation rooms, and community gardens.
Unique and customized homes
Cookie-cutter designs are no longer in style because younger generations want unique features in their homes. So, new builds, custom builds, and remodels are all areas of interest for the market’s upcoming buyers.
How to align marketing strategies to capitalize on trends
If you want to capitalize on these trends, you’ll have to cater your marketing efforts to the younger generation in a way that showcases your knowledge of what they’re looking for, as well as your ability to find the perfect property for them.
For example, if you know smart home features are at the top of most buyers’ lists, you’ll want to use that to your advantage by providing marketing materials that provide knowledgeable information regarding homes that have these features or how to upgrade a home without smart capabilities to one that does.
You can also cater your marketing efforts to sellers by targeting ads on how to turn their property into a Smart home before they sell so that they’ll attract more buyers. It’s all about knowing the audience, determining if you want to attract buyers or sellers, and catering to the needs of your chosen demographic.
The digital aspect of real estate should also be a significant portion of your marketing efforts. You can increase your digital marketing tactics by adding virtual home tours to your website and sharing them on socials, providing potential buyers with a unique look into homes that have a one-of-a-kind feature through captivating imagery or videos, or highlighting community spaces in a TikTok reel.
Catering your marketing efforts to this year’s real estate trends is a great way to improve the effectiveness of your strategies. If you are unsure how to adapt to 2024 trends with your real estate business, contact us today to book a strategy session. We can help you target the right audience, showcase your new-age real estate knowledge, and increase your digital branding in a way that works for you.