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- South Africa’s real estate market is expected to show some positive signs, which might be good news for buyers and sellers.
- Potential home buyers are no longer looking for a property just because it's in the city centre but want to live in areas that offer relevant amenities, have green spaces and are suitable for remote work.
- An expert advised that sellers should leverage virtual tours and 3D walkthroughs and sell tech-savvy properties.
In the fast-paced world of real estate, being knowledgeable of emerging trends has become very important for those in the market.
As the South African property market looks to rebound from the pressures brought on by interest rate hikes and the rising cost of living, experts anticipate some positive signs in 2024.
This includes Gerhard Kotzé, CEO of the RealNet property group, among others, who suggests that the direction of the US Federal Reserve, which is likely to keep its base lending rate steady at 4% to 5% in response to inflation concerns and increased unemployment, will influence interest rates in South Africa.
Whether you're buying or selling, it is important to keep up with trends influencing the sector. John Herbst, CEO of Fine & Country South Africa, provides insight into what is currently influencing real estate dynamics this year.
"From cutting-edge design preferences to strategic location choices, understanding current and upcoming trends can make all the difference," he said.
Location is still key, but not like before
Home buyers today are targeting locations that prioritise more than just proximity to the buzzing urban centres.
With remote and hybrid work arrangements still being relevant, buyers want properties within communities that offer lifestyle amenities, green spaces, and a vibrant social scene. It is advisable for sellers to showcase these features to attract potential buyers.
Green living spaces
Environmental consciousness has become more than just the trendy thing to say; it has become one of the defining aspects of modern living.
Homebuyers are gravitating towards properties that offer energy-efficient features, including solar panels and smart home technology.
To attract potential buyers, sellers can enhance the appeal of their properties by investing in eco-friendly upgrades, aligning with the growing demand for sustainable living spaces.
Adaptable properties
The evolution of work-from-home culture has fuelled a demand for properties with versatile spaces, including designated home offices and workout areas. Sellers can capitalise on this trend by highlighting the adaptability of their properties to accommodate changing lifestyle needs.
Integrate tech into your living space
In an era where connectivity is of great importance, smart home technology is no longer just a luxury but a necessity.
Properties equipped with cutting-edge technology features like smart geysers and security systems will be highly sought after and enjoy a high resale value among tech-savvy buyers.
Outdoor Oasis
The increasing focus on health and wellness has brought outdoor living spaces into the spotlight. Buyers want properties that seamlessly blend indoor and outdoor living, boasting expansive gardens, inviting patios, and fully equipped outdoor kitchens.
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Minimalism still reigns supreme
Clean, clutter-free aesthetics that are minimal are a favourite among buyers and sellers alike. Desirable features like neutral colour palettes, abundant natural light, and functional layouts create an ambience of tranquillity and spaciousness that appeals to a broad audience.
Virtual features are a 'must-have'
Over the years, we have seen that the rise of digital technology has completely changed the way real estate operates, making virtual tours and 3D walkthroughs a regular part of the industry.
This means that buyers can now explore properties without leaving their homes, while sellers can use these virtual experiences to showcase their properties to a wider audience.
Recreational facilities
In addition to the property itself, buyers are placing more importance on the surrounding neighbourhood and amenities.
The proximity to schools, parks, shopping centres, country clubs and restaurants, and other recreational facilities affects the value and attractiveness of a property in the market.
Tap into your emotional appeal
Recognising that buying or selling a home is an emotional journey, sellers are encouraged to cultivate a strong emotional connection with potential buyers through effective staging and storytelling. Buyers, meanwhile, are advised to trust their instincts and envision themselves living in the space before making a decision.
Support from experts
In a rapidly changing market, having the support of experienced real estate agents is extremely valuable. Whether you're buying or selling, teaming up with a trusted advisor can offer essential advice, effective negotiation tactics, and smooth guidance through the intricate process.
"By staying informed and adaptable, buyers and sellers can navigate the dynamic real estate landscape with confidence,” Herbst said.
"Whether you're searching for your dream home or aiming to maximise your property's value, embracing these trends can help you achieve your goals in today's market."
