There’s no question that real estate is a hot topic these days. Whether you’re a first-time homebuyer, a seasoned investor, or somewhere in between, everyone seems to have something to say about the state of the housing market.
The real estate industry is one of the most valuable assets in today’s economy, with a net worth growing year after year. The growth is mainly due to the increasing demand for housing from both individuals and businesses and rising property values. Additionally, a robust real estate market benefits from favorable conditions such as low-interest rates and an overall healthy economy.
Currently, the real estate industry is worth $400 billion, making it one of the largest industries in the country. And according to experts, this number is expected to continue to grow in the years to come.
One of the most significant factors driving this growth is the rise of digital real estate. In today’s day and age, more and more people are conducting their business online, and the real estate industry is no exception. From searching for properties to finalizing deals, the internet has completely changed how we buy and sell homes.
If you’re thinking about getting involved in digital real estate, here are six trends you need to know about.
The Rise of Online Portals
In the past, if you wanted to buy or sell a property, you had to go through a real estate agent. Nowadays, however, several online portals allow you to do these things without ever having to leave your house.
Whether you’re looking for foreclosed or commercial properties, there’s likely an online real estate portal that can help. Additionally, many real estate websites offer services like property valuation and mortgage calculators to make searching for a home more accessible. Moreover, real estate conveyancing is becoming a big deal in these portals. More and more investors are using this service more than ever due to the rise of digital real estate.
The Growing Popularity of Online Brokerage Services
With the introduction of online brokerage services, people worldwide now have access to investing in real estate from the comfort of their own homes. One great example is Fundraise, which allows users to invest as little as $500 in private market deals once only available to high net worth individuals.
While traditional brokerages will likely always have a place in the industry, it’s clear that online services are growing in popularity, especially among younger generations.
The Proliferation of PropTech Startups
Another trend on the rise in recent years is the proliferation of PropTech startups. These companies use technology to solve various problems in the real estate industry, from streamlining the homebuying process to making it easier to find a place to live.
PropTech is particularly popular in countries like the United States and the United Kingdom, where there is a great demand for affordable housing. Some of the most successful real estate startups in this field include Roofstock (which helps people buy investment properties) and Honest Buildings (which connects landlords with local contractors).
The Rise of Tech Giants in Digital Real Estate
Another trend gaining momentum in recent years is the rise of tech giants like Google and Facebook when it comes to digital real estate. These companies have recently begun investing heavily in buying thousands of homes across the country as part of their expansion plans.
While many are viewing this as a positive development for both homeowners and tenants alike, some believe these investments could eventually lead to rising rental rates, particularly in areas where these tech giants have a significant presence.
The Growth of Co-Living Spaces
Co-living spaces are becoming increasingly popular among young professionals and digital nomads looking for an alternative to traditional apartments and houses. These shared living spaces offer a number of benefits, such as lower rent prices, flexible leases, and a built-in community.
What’s more, co-living spaces are often located in desirable parts of cities, making them a great option for people who want to live in prime real estate without having to pay top dollar.
The Increase in Smart Home Technology
Finally, one trend that’s expected to continue gaining steam in the years to come is the increase in smart home technology. This type of technology includes features like voice-activated assistants, automated lights, and thermostats that can be controlled from a smartphone.
Not only is this type of technology becoming more affordable, but it’s also becoming more common in new construction. In fact, it’s estimated that by 2025, there will be 1.6 billion smart homes worldwide.
These are just a few of the digital real estate trends that you need to be aware of if you want to stay ahead of the curve. With the right knowledge and understanding of these trends, you’ll be in a better position to make informed decisions about your real estate investments.