6 Facts Shaping Real Estate
As we approach the end of 2023, it’s important to take a look at the trends and factors that are shaping the real estate industry.
Being a part of an advanced real estate network through RE/MAX National, at RE/MAX Capitol Properties we have the latest tools and resources to serve our clients best. Through this investment we have learened that there are 6 core facts shaping how we approach real estate. Here are six key facts that are influencing the way we buy, sell, and invest in property:
- TECHNOLOGY – Technology is changing the game. From virtual tours to digital contracts, technology is making it easier than ever before to buy and sell real estate. In 2024, we can expect to see even more advancements in this area, with AI-powered assistants and predictive analytics becoming more commonplace. As clients, our agents can be more responsive to your needs and be better at competiting for buyers but also find more qualified buyers for sellers.
Sustainability is a top priority – With costs of resources being unpredictable and continously changing assessing how buildings are sustainability can put money back in the pockets of our clients, especially over time. Therefore, finding those eco-friendly buildings and energy-efficient appliances, can be a goldmine.
- URBANIZATION – Urbanization is on the rise. As cities become more crowded, urbanization is a trend that shows no signs of slowing down. This will impace places like Cheyenne and Laramie County because we are not a metropolitain community but prideselves on a “small town feel.” In 2024, we can expect to see continued growth in our citiy, with developers focusing on creating high-density, mixed-use developments that cater to the needs of city dwellers. You can see this with apartments, duplexes, etc.
- AGING POPULATIONS – Aging populations are driving demand. As the population ages, there is a growing demand for homes that cater to the needs of seniors due to various ableness levels. In 2024, we can expect to see an increase in retirement communities and assisted living facilities, as well as home modifications that make it easier for seniors to age in place. This is going to have a larger footprint in our community because of our ease of access to health care faciltiations with Cheyenne Regional Medical Center and the VA Hospital.
- SHARING ECONOMY – The sharing economy is changing the way we live. From Airbnb to co-working spaces, the sharing economy is having a major impact on the real estate industry. In coming years, we can expect to see even more innovative ways of sharing space, with co-living and co-housing communities becoming more popular. More people will look for temporary dwellings and this may increase the demand for furnished solutions, as well as short-term leasing.
- POLITICAL AND ECONOMIC LANDSCAPE – Political and economic uncertainty is creating volatility and this is especially a factor in our Capitol city. In the coming year we expect to see continued fluctuations in property values and investment trends, as investors and homebuyers navigate an uncertain landscape and get back on their feet due to the changing environments.
Overall, these six facts are shaping the real estate industry. As we continue to innovate and adapt to changing trends, it’s important to stay informed and stay ahead of the curve. We will keep our watch on the market and help advise our clients accordingly. If you have a different perpsective, let us know. We’d appreciate the opportunity to have a conversation and see what we can do to understand the various experiences of clients in the area.
Greg Palmquist shared his thoughts on the facts shaping real estate in the video below. Subscribe to our YouTube channel to stay up to date on the real estate market, trends and homes for sale in Cheyenne.