Everyone wants to know what real estate prices are going to do in 2008. In 2007 the mortgage meltdown and over supply seemed to get worse with each month. Although everyone has there own opinion about the housing market in 2008 here are some key trends to watch out for.
First would be that long-standing debate of rent-or-buy. Tighter lending standards and higher prices may cause more people to rent for longer than they would like to. This will in turn possibly cause some of those houses that are now sitting on the market to be taken off the market and rented out. The good news for renters is that with so many properties being offered for rent, the renter can pick and choose which rental is right for them.
The second key factor goes right along with the first. With so many renters and so many rental homes it seems obvious that most owners will be spending the majority of their money on home improvement. Quiet suburbs and apartment buildings with many amenities with flourish in 2008. Owners will be doing all they can to entice renters. With the baby boomers wanting to downsize and the generation Y kids needing new rentals, the rental market should flourish.
The next key factor deals with what types of improvements we will see in rental properties. Green is in; the environmentally conscious Y generation wants environmentally friendly homes. Solar water heaters, energy-efficient heating and air conditioners, and Xeriscape Landscaping will be very popular features added to most rentals. Green environmentally friendly rentals homes are defiantly the rage in 2008.
Along with have an environmentally friendly home most people are leaning towards technology friendly homes as well. Most fast paced lifestyles require cutting edge systems that easily integrate technology into the home. Smart House technology was once reserved for the custom home market but is now appealing to a wider audience. Technology is nothing new but with all of the new advances it is natural that people want to integrate them into their homes. A rise in Smart House technology makes any technological improvements a selling point for any renter or buyer.
Last but not least is simplicity. With the currents trends in Smart House technology and Green buildings, which are all designed to make our lives easier, it stands to reason that simplicity is in. High rises and condominiums will defiantly be on the rise in 2008. They combine all the technology and environmentally friendly features without all the hassle.
No one knows if the real estate market is going to make a come back in 2008 but by looking at these trends it seems that renting may be the in thing for awhile. Environmental and Technological improvements to existing houses may be the way to go. While renting out your high-rise or condo rather than trying to sell may be your best bet with the current market. Trends change but there will always be a need for rental properties.