Housing Trends to Watch in 2023February 27th, 2023 by Administrator
In 2023, many pandemic-driven real estate phenomena that we had grown accustomed to, including bidding wars and historically cheap loan rates have cooled. Priorities, interests, and long-standing traditions in the real estate market are now altering.
Five Real Estate Trends to Watch in 2023
1. Establishing an emergency fund is essential
Building an emergency fund is the top priority for homeowners (25%), reflecting a difficult couple of years and an uncertain economy. Despite rising interest rates and the prospect of inflation, the top priority is saving for vacations, vehicles, and new homes. When it comes to buying new homes, you can make the home-buying process as easy as possible with the help of a professional real estate agent.
2. The cost of living influences location preferences
According to OpenDoor research, nearly half (49%) of respondents in the United States said they would be encouraged to relocate for a lower cost of living. People are turning this into a reality as remote work becomes more widespread. According to their study, house buyers might consider moving to a less expensive place.
Another third (34%) of respondents in the research indicated they would relocate for a lifestyle change, such as being closer to outdoor activity or joining a close-knit local suburban community.
If you want to buy a home in a beautiful suburban LA neighborhood where you can mingle in a close-knit community, you must check out Encino properties for sale.
3. Classical fashion is always fashionable
The same survey of homeowners across the country revealed one thing: traditional style is the way to go when it comes to designing their houses. Farmhouse (wood elements, white tones) or bohemian (natural light, hardwood floors, and house plants) styles are getting more popular in 2023.
4. Locations with at-home workplaces are preferable
Outdoor space, which became popular during the pandemic, is now a priority for only 17% of respondents. Surprisingly, only 8% prioritized an at-home office, at-home gym, or extra square footage. However, buyers continue to value location – 40% of respondents want to be close to work, schools, and shopping.
5. Breaking with outdated real estate practices
In a hot market, would-be buyers frequently used to design compelling personal offer letters to gain an advantage. According to 35% of respondents in the study, this dreaded custom may be phased out in 2023. Homebuyers nowadays are seeking innovative methods to approach the process more directly.
Looking for Homes in Los Angeles Neighborhood?
If you are looking forward to buying a home in a beautiful, suburban neighborhood that gives you plenty of opportunities to connect with nature and live a healthy lifestyle, Encino – a popular Los Angeles neighborhood – make an ideal choice.
To check out Encino Houses for Sale, contact Gitta for personalized and professional real estate homebuying assistance.