Whether you’re an investor or are simply looking to purchase or sell property in North America, it’s well worth continuing to read on to discover a few recent trends in the North American housing market.
The Home Market in North America: Recent Trends in the North American Housing Market
1. There is a growing demand for condominium style apartments
In the past year there has been a significant increase in demand for condominium style apartments, which offer individuals, couples and families plenty of value for money. In today’s hectic, fast placed society, more and more individuals are looking to purchase low maintenance properties, which require little upkeep and which are located within a short walk of a wide array of facilities and amenities.
Modern, condominium complexes which boast a multitude of on-site facilities such as fully equipped gyms, heated pools, cafes, sports courts and children’s playgrounds, appeal to individuals of all ages and life stages and are just as popular with students, young professionals and growing families as they are with retirees.
2. There is also a huge demand for newly built properties
In recent years individuals have begun to demand brand new properties which feature modern amenities such as central heating, double glazed windows and underfloor heating, over older, more established properties.
One reason why brand new properties may be in high demand is that today’s young, house hunters have higher expectations for their first home, than their parents and grand parents generations before them and are unwilling to live in older style properties, which may not offer the same level of comfort as modern, recently built homes.
3. Studio properties are also in high demand
Due to rapidly increasing house prices and the rise in percentage of individuals who choose to remain single, instead of marrying and settling down to raise a family, studio style properties are also becoming a popular option for singles, who are looking to purchase their very first home!
4. There is also an increase in demand for larger 4-5 bedroom homes
While a decade ago the average house would boast 3 bedrooms, today 4-5 bedroom homes are also in greater demand as there has been a rise in the amount of adult children who choose to stay at home. Instead of leaving the nest. As the cost of living has soared over the past decade, it’s now a mutually beneficial option for many middle aged parents and heir adult children to co-habitat in order to share bills and daily expenses.
5. House flipping has become a popular option for investors
In recent years house flipping, which involves purchasing homes which require a bit of TLC and fixing them, before selling them off for a quick profit, has skyrocketed. Which means that many houses may be relisted a few months after they are originally sold.
So whether you’re an investor who is looking to purchase property in the hopes of making a decent profit, or you’re simply looking to purchase or sell a property in the near future, it’s well worth keeping up to date with the most recent trends in the North American property market.