With the changing trends in real estate, it’s time to look at what may be coming in 2022. Here are some predictions for emerging trends that could impact you and your business over the next five years:
1. Declining Home Ownership Rates
Homeownership rates will continue to decrease. The US homeownership rate has been steadily declining since 2004 with no signs of stopping. In 2022, it is predicted that the rate will fall under 64%.
Millennials will drive the housing market. Additionally, millennials have a lot on their plates right now, but they still want homes. As this group grows up and gets older, they’ll start looking into buying homes, which means there will be more demand than supply. There are applications for almost anything these days, and if you’re planning to create one for your business – start with relevant pricing research https://doit.software/blog/how-much-does-it-cost-to-make-an-app
2. The Rise of Co-Living Spaces
The country’s population is growing, and the number of cohabiting adults continues to rise. The rise means there will be more demand for housing. Additionally, there will be a shift in how people want to live as they move away from owning their own homes and opt instead for shared living spaces where you can share amenities with other tenants.
3. Automation in Real Estate Transactions
Real estate transactions are already being taken care of with the help of AI. An increasing number of real estate agents are using chatbots to aid in their business, which means fewer people will be needed for these roles when it comes time to sell or buy a home.
DealMachine is one such example. The AI-powered system helps people find a home and complete all the paperwork involved without ever needing to see a lawyer. DealMachine is also the highest-rated real estate investor software for lead generation on both the Google Play Store and Apple App Store.
4. House Designing Using Tech
With the help of technology, people will be able to design their dream homes. In 2022 it is expected that architects and designers will combine forces with tech developers to create small-scale models that your average homeowner can use as a working guide for designing their house on paper.
Additionally, people will be able to build their dream homes in virtual reality. Virtual home designing means that you’ll no longer need a construction team and instead use your hands to design the home of your dreams.
5. Work From Home Policy
This year, it is predicted that about 51% of the US workforce will be freelancers. This means businesses will look to hire more people who can work from home, making real estate agents and brokers a hot commodity in 2022 as they’ll need fewer employees and thus fewer overhead costs for their companies.
6. Airbnbs and Holiday Homes
In 2022, Airbnb will play a massive role in the real estate industry. More and more people will opt to rent out their homes or spare rooms when they go on vacation rather than staying at hotels which means there will be less demand for holiday accommodations, thus, fewer hotel jobs available.
People who buy second homes may also find that renting them out is more cost-effective when they’re not in use. This means there will be less demand for second homes, which could impact the real estate market as a whole.
Like other industries, real estate still experiences turbulence when it comes to how it operates. However, the emerging trends are only proving to be better and more cost-effective for those in the industry.
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