It's no surprise Lafayette is a popular place to live.
With beautiful suburbs, excellent schools, and arts and culture, it ticks many boxes for anyone in real estate. But is it the right option for a real estate investor?
It could be, but first, you must understand some broader trends impacting this real estate market. Here, we'll outline some of Lafayette's most significant real estate trends this year.
An Unsettled Economic Climate
The economy is in flux, and several indicators-like inflation-are causing worry while others, like employment rates, show promise. But this all serves to make sellers nervous.
For buyers, this means listing a house at a competitive price and in an attractive and striking manner to help secure a fast sale.
This also means that buyers and sellers should monitor the economy closely over the next twelve months, as it could shape their real estate decisions.
A Shift to Working From Home
Increasingly, office workers are choosing to work remotely, spending part of their week at home instead of at their employer premises. This trend is beginning to impact the real estate market.
Home buyers and tenants seeking a rental property are looking for houses that can easily accommodate an office. Homeowners should consider making renovations to give their homes more quiet working space.
This trend also means people are likelier to buy homes with more space but a longer commute from the central commercial districts.
Smart Technology
One home feature that was almost nonexistent a decade ago but is now becoming standard is smart technology.
Advanced locking systems, smart lighting, and sophisticated cameras can all appeal to buyers looking for convenience and state-of-the-art home solutions. So, if you are selling, it's worth considering these upgrades as an upgrade to a property.
Eco-Friendly Homes
Many buyers are conscious that their home is their most significant carbon footprint, and that means a shift to prioritizing sustainable living.
This trend has also emerged from increased energy prices, which have left homeowners looking for ways to reduce their everyday energy expenditures.
Features like solar panels, modern HVAC systems, and sustainable building materials are becoming more popular and are wise choices for sellers looking to renovate their homes.
More Diverse Housing Types
Developers are beginning to build homes that cater to a diverse range of needs, which means you can expect to see many different housing types on the market in Lafayette.
For example, that means more affordable, small condos for those looking to buy their first property in a challenging economic climate.
Safe and friendly community living is also more favorable for buyers, meaning a growing supply of housing association properties on the market.
Real Estate Trends in Lafayette
Many real estate trends are happening in Lafayette to excite investors and home buyers. Use this guide to help you. Knowing the trends is the best way to find a fantastic property deal.
PMI Integrity Properties is a full-service property management team. With a wealth of experience and unrivaled dedication to customer service, we are the team to contact with your real estate needs. Head to our contact page to take that first step.
