In the world of real estate, it is essential to keep abreast of the latest real estate market trend 2023 in order to make informed decisions.
The real estate market is dynamic and constantly evolving, and understanding the trends that will shape it in 2023 is essential for anyone interested in this sector.
In this article, we will break down the key trends in the real estate market in 2023 and analyse how these trends may impact both buyers and sellers.
5 real estate market trends in 2023
2023 is a year with many factors that are influencing the real estate market, we have selected the most important ones to give you a better understanding of the situation in this sector:
Rising interest rates
To combat inflation, central banks are raising interest rates, making mortgage loans more expensive. According to predictions, the situation is expected to stabilise by the end of the year and we should see more affordable prices.
In view of this, it would be ideal to delay slightly the purchase of a property in order to get better conditions when applying for a mortgage. If we do not want to postpone the purchase, another option is to take advantage of the help offered by the government to pay mortgages.
In Spain we find ourselves in a situation where there is more demand than supply, which leads to a general increase in prices. However, with the gradual decline in inflation, it is expected that there will be a progressive fall in prices.
More renting and less buying among young people
Young people are in a difficult situation when it comes to finding a stable and well-paid job that allows them to buy a property.
The consequence is that all these people resort to renting in order to become independent, which leads to an increase in rental prices. With this, we could conclude that buying a property to rent can be a good idea to invest our savings.
Commitment to sustainability
We live in a society that is increasingly conscious of its impact on the environment, which is transferred to all our consumption habits, including the purchase of homes.
Due to this trend, properties with better energy efficiency are more attractive, especially among younger buyers.
Second-hand market booming
The second-hand market has always been of interest to those buyers with a smaller budget to purchase a home. In an environment of soaring inflation, this market becomes even more prominent, making it an interesting place to do business.
Now that you know all the real estate market trends in 2023, you are better equipped to make better decisions about buying or selling property this year.
How can we take advantage of these real estate trends?
Having seen these predictions, it is worth asking how we can take advantage of these trends and make better buying, selling or investing decisions in the real estate sector.
Remember that the recommendations vary depending on your profile; a person who wants to become independent for the first time has different needs to someone who is looking for a property to rent, for example.
In general, in order to take advantage of the trends in the real estate sector, it is necessary to define our profile, establish a budget for the operation and assess what type of property we need according to our lifestyle.
Our recommendation is that you let yourself be advised by a real estate agency specialised in the area where you would like to find properties.
Do you need to sell or buy a property?
The housing market is very dynamic and it is essential to keep up to date with trends to take advantage of the best times to buy or sell a property.
At 1Mast, our team works every day to know what are the most important movements in this sector, in order to find the best solutions for our clients regardless of whether they need to buy, sell or rent a property.
As a result, our clients always have the peace of mind of knowing that their property is in the best hands.