Facebook
Twitter
Pinterest
Copy Link
Real Estate Trends 2024: What’s on the Horizon
With another year in the rear view, the question on everyone’s mind at this time of year is what will come in the months ahead. In 2023, we continued to see evolution in the real estate market with technological advancements, making both buying and selling more flexible than ever before. We saw home decor trends come and go and watched as smart home tech became more commonplace. So, what trends are we keeping an eye on for real estate in 2024?
Virtual Real Estate Tours: The New Normal
While virtual real estate tours are not new, they quickly become a staple in buying and selling homes. The COVID-19 pandemic stressed to us the importance of creating accessibility in real estate, and further advancements in both virtual and augmented reality technology have only continued to revolutionize how buyers experience homes for sale.
In 2024, virtual real estate tours are primed to become the new norm for many listings. Buyers can preview a home from the comfort of their couch—more effectively than with pictures alone—before moving forward with in-person showings. This also benefits the sellers, saving them from unnecessary showings by better filtering the most serious potential buyers.
Smart Home Technologies for All
Though it felt like a distant dream years ago watching The Jetsons on the couch, smart home technology is more available than ever. With devices becoming more readily accessible at multiple price points, smart home living isn’t just becoming commonplace but integral to the modern lifestyle.
Homebuyers in 2024 are now actively seeking properties with advanced automation features, such as smart thermostats, security systems, and energy-efficient appliances. These innovations enhance convenience, contribute to sustainability, and even save them money in the long run.
Environmentally-Conscious Living
Sustainability is no longer just a buzzword but a fundamental criterion in real estate. Green building materials, energy-efficient designs, and eco-friendly amenities are increasingly sought-after by both buyers and investors. This has become especially true with government initiatives and tax rebates, making green homes more and more enticing. As environmental awareness only continues to grow in 2024, many developers are now incorporating sustainable practices into their building processes.
Decentralization: The Resurgence of Suburbia
The allure of urban living is waning as more people prioritize space, affordability, and connection to nature. In 2024, we anticipate more interest in suburban and rural real estate, driven by remote work and a stronger desire for work-life balance.
Affordable Housing initiatives
Rarely can you turn on the news and not hear a story about housing and affordability. A rising crisis as inflation continues to stress our economy, we anticipate addressing this need to become a key focus in 2024 real estate. Collaborations between governments, developers, and non-profits are already underway to strategize innovative solutions for affordable housing. I anticipate more discussion around these efforts to make homeownership more affordable for more people in the coming months.
Real estate in 2024 is looking to be a dynamic market filled with innovation and flexibility. As we continue to evolve, embracing these trends helps us stay ahead of the curve and contribute to reshaping the future of real estate. Whether you’re a buyer, seller, or investor, keeping an eye on these trends will help you confidently navigate the real estate market.
Seller’s Market: What It Is & How You Can Capitalize On It!
Have you taken the time to browse through the listings in Saskatoon? If you have, you may have noticed a lack of options available, especially homes ranging in price between $300,000 and $500,000. It’s all thanks to the seller’s market that we are currently experiencing!
Seller’s Market vs Buyer’s Market vs Balanced Market
Understanding the difference between a seller’s market, a buyer’s market, and a balanced market is important no matter if you’re buying a home, selling a home, or trying to do both at the same time.
A seller’s market signals that there is more demand for homes than there is supply. A buyer’s market, on the other hand, happens when there’s ample supply but less demand. In a buyer’s market, not only is there more inventory to choose from, but sellers must compete harder for the attention of buyers. In a seller’s market it’s the buyers that are in competition with each other.
Buying in a balanced market is a much more predictable endeavour. With an equal ratio of buyers and sellers, home prices stabilize and the atmosphere of transactions are more relaxed.
Before the Hunt Begins
A seller’s market favors sellers, since they have leverage over potential buyers. With a pool of eager buyers hoping to purchase their home, some sellers may see competing offers, bidding wars, and contracts favoring the seller. Some buyers may even forgo common requests, like home inspections, to make their offer more appealing! And it’s not uncommon for a house to sell for at or above list price in a seller’s market (here in Saskatoon, the benchmark price for single family homes this November was $323,400, up from $306,500 just 6 months ago and up from $306,500 a year ago!). In this type of market, some properties may be purchased by all-cash buyers, who can typically close faster than a buyer who needs to finance the purchase.
In addition to a seller’s market affecting the sale price favorably for sellers, there are other parts of the process that can be affected. The average time it takes for a home to sell is typically less in this type of market. For instance, in November, homes in Saskatoon averaged just 51 days on the market compared to 65 in 2019 and 74 in 2018, this is close to our 8 year low of 50 in 2014. Homes can also sometimes be in such high demand that they never officially get listed, instead they sell through what is known as the “back pocket”. This means the listing agent may first look to their personal network for a buyer or private deals before publicly listing the property.
How Can a Seller Capitalize on a Seller’s Market?
The best way to capitalize on a seller’s market is to work with an experienced local REALTOR®. We will ensure your home is priced “right” and marketed well. This is key in a sellers market, you want to ensure buyer’s don’t pass by your home if you are pricing too high.
With the “right” price your home could receive multiple offers and possibly even achieve over asking. Then, once there are offers on your home, we will help you understand the differences between those potential multiple offers, ensuring you choose the one that will best suit your needs and get you the most for your home. It’s possible you’ll be tempted to accept the first offer you receive, but if you have just a bit of patience in this market, with the help of your REALTOR® you could possibly see a higher offer!
If you’re thinking of listing in today’s seller’s market in Saskatoon, the best place to start is to determine the value of your home. Contact me for your free custom market evaluation today and let’s get started on getting you more for your property!
