Real Estate Upsurging Trends in 2013

The prospects of revolutionary Real Estate trends in 2013 are undoubtedly promising. By keeping aside the conventional path and adopting new trends and issues, the real estate market will see a skyrocketing growth in itself. Owing to a recuperating and distressed economy worldwide the prediction may sound too hard to believe, but excerpts are formidably accounting for a momentum shift in all property types. Though the clouds of uncertainty regarding the economic slowdown still hover on this business, staying positive and laying the best foot forward can help in gaining plenty of profits and enhanced scope. The business is largely capital intensive and hence an economic boost is the need of the hour.
However the following key trends will be firmly exhibited in the sector, for good or for the worse, implying a noticeable turnaround in the industry.

1. Increase in home prices as well as rise in housing rents-

The expected increase in the home prices is because of the slow pace in their construction. This has resulted in a shortfall of available homes. Thus a steep rise in the prices is imminent. Furthermore, the number of people moving out and looking for their own apartments has dramatically increased consequently leading to an increase in the rents.
A remarkable hike in the prices of building materials is also a reason behind the inflation seen in the industry.

2. Watch out for the first timers-
   

It is more likely that amidst the growth in demand for single family houses it will be the first time buyers dominating. This trend has been in practice since the last couple of years and is expected to continue in the very same manner.

3. Need of Property Managers-
   

The requirement of property manager will see a considerable increase owing to the fact that many distressed and foreclosed properties will be snapped. A professional property manager will be helpful for an investor for renting and maintaining the purchases.

4. Rise in mortgage interest rates-
   

The mortgage interest rates have been at a minimal low since years and an increment is definitely expected. But, rest assured the rise will not be a pronounced one.

5. Urging for compactness-
   

Gone are the days when businesses used to demand for big commercial complexes. The trend has shifted to compactness, i.e. smaller places are much more preferred. It’s easier to maintain and the rents and operating expenses are drastically reduced.

6. Going Suburban-
   

Though its’ difficult to move businesses into the suburb’s, the necessity demands for one. With more and more young people thriving for a suburban life, it won’t be a bad idea for the real estate builders to explore such avenues. But one must keep in mind about the selective business which could survive the suburban nodes. With such businesses one can witness urbanization in those areas. Furthermore, this suburban concept has led to a quick spur in multifamily projects. Adopting the suburbs will be a trend to look out for in the real estate business in the year 2013.