As 2022 draws to a close, many of the pandemic-related real estate trends we expected to see have already cooled down. These include rising interest rates, bidding wars, and the increasing number of people who prefer to work in their homes.
After gathering data from around the country, we identified some key trends that will continue to affect the real estate industry in 2023.
Despite the current economic uncertainty and the rising interest rates, many homeowners are still planning on building an emergency fund. They also prioritize saving for vacations and new cars.
Opendoor can assist buyers in building savings to make buying a new home easier. Buyers can immediately put in their first offer with cash offers through Opendoor.
Cost of Living
Almost half of Americans said they would like to move to a more affordable location. According to our research, this trend is likely due to the increasing number of people who work from home. Moving to places such as Oklahoma, Georgia, and Texas could be an ideal option for those looking to purchase a home in a suitable price range.
A third of Americans said they would like to move to a new location for a lifestyle change. This trend is also likely due to the increasing number of people looking to start a new relationship. One-quarter of respondents said they would move for love.
Most homeowners agree that classic style is the best way to design their homes. Almost half of the respondents said they would choose a farmhouse or a Bohemian style over a traditional style. Many homeowners found inspiration in the design ideas of Chip and JoJo Gaines.
Surprisingly, the homeowners found little interest in the designs influenced by pop culture.
Location, Location, Location…
The outdoor living space that became very popular during the pandemic was missing from the most desirable features. Instead, buyers continue to prioritize location. Around 40% look for proximity to shops, schools, and work.
Requirements that have been in place for a long time, such as putting down a 20% deposit, are finally getting to be put to bed.
In an overheated market, many would-be buyers rely on personal offer letters to boost their chances of landing a property. Instead of competing against other potential buyers, many would-be home shoppers are turning to products such as Opendoor Exclusives to help them get a better idea of what’s available in their area.