Investments That Will Drive Up Property Value in 2024

As we enter 2024, the United States real estate market continues to evolve amidst changing economic conditions, technological innovations, and shifting consumer preferences. We’ll delve into key trends and insights shaping the real estate landscape across the nation, drawing from industry expertise, economic indicators, and market analysis. Whether you’re a prospective buyer, seller, or investor, understanding the current state of the real estate market is essential for making informed decisions in the Land of Opportunity.

The median home price in the United States was $383,000 in December 2023, marking the sixth consecutive month of year-over-year price rises. And, after reaching past 8% in October, the average 30-year fixed mortgage rate as of the end of January 2024 was 7%– still higher than most homeowners’ interest rates, but a welcome relief from recent 20-year highs.

Even though only around 11 to 12% of Americans moved year over year, housing prices have skyrocketed by double-digit intervals in 78% of American housing markets. With more demand than supply, as the number of existing home sales is quickly being outpaced by the growing American population, there’s never been a better time to sell your house.Yet, it’s essential to understand that to get the maximum possible price point for your property and achieve a quick market turnaround, your property might not be enough as-is. To get the most out of your investment and attain the maximum potential profit, you might have to invest even more.

How is it the real estate market?

Chief economist Lawrence Yun of the National Association of Realtors (NAR) and Danielle Hale chief economist of realtor.com have released their reports for 2024, providing valuable insights into the U.S. real estate market.

Yun’s research emphasizes the importance of affordability and housing supply, while Hale’s analysis explores demographic shifts and buyer preferences influencing the housing market.

Across the United States, existing home sales remain robust, driven by a combination of factors including low mortgage rates, demographic trends, and lifestyle changes.

Metropolitan areas such as New York City, Los Angeles, and Chicago continue to see steady activity in existing home sales, reflecting strong demand from both local residents and out-of-state buyers.

Cities such as San Francisco, Seattle, and Denver have witnessed significant home price appreciation, driven by strong job markets and desirable living environments.

Meanwhile, the United States faces challenges related to housing supply, particularly in areas where population growth outpaces new construction.

Buyers navigating the U.S. real estate market should work closely with experienced real estate agents to identify available properties and explore diverse housing options.

Real estate markets can experience short-term fluctuations influenced by various factors such as economic conditions, supply and demand dynamics, and policy changes. Understanding both short-term trends and long-term patterns can help stakeholders make informed decisions regarding buying, selling, or investing in real estate.

Not to mention that the Federal Reserve keeps a close eye on inflation and economic growth, and interest rate fluctuations could affect mortgage affordability and buyer demand in the coming months.

Consumer expectations are constantly changing

Much like the fluid real estate market, consumer expectations have changed and evolved with time. While your house might sell as-is, it might not sell as quickly or for as much as you want it to if certain measures aren’t taken to attract the modern housebuyer.

Not all of these measures are overly expensive, as some of them just take the space you already have and optimize it for modern concerns. Some of them will require a pretty penny, yet as the old adage goes, “You don’t get something for nothing”: in order to ensure a quick market turnaround at the maximum value (or higher, if you get multiple offers on your property), investing capital in highly-desired consumer amenities might be the way to go.

But how can you know what you should invest in? What trends should you pay attention to? If these are questions at the But how can you know what you should invest in? What trends should you pay attention to? If these are questions at the forefront of your mind, read on, and we’ll go over how to best prep your property for a quick market turnaround in 2024.

Technological integration

Have you heard of the Internet of Things (or IoT)? The IoT is a term that gets thrown around a lot by computer scientists and economists that describes the physical network of devices and systems used by consumers to connect to Internet services, share data, and facilitate easy integration with other internet-connected devices. Big tech companies have bet on the profitability of IoT devices, pushing devices like smart home hubs and remotely controlled lighting, and as real estate professionals are beginning to find out, they were right.

Smart home devices and IoT integration are becoming increasingly coveted by the average real estate consumer, with homebuyers looking for homes where they can control several crucial functions remotely without additional investment on their part. The below devices might represent a sound investment on your part, should you choose to install them:

Smart security systems that allow consumers to remotely see who’s at the door, engage and disengage locks from anywhere in the house, and employ motion-activated lighting.
Smart hubs and access points thatallow customers to access a variety of online services anywhere they are in the house. With devices like the Amazon Echo and Google Home, customers can search the web remotely, play music, do online shopping, and more without going near their phones or computers.
IoT-integrated thermostats and lighting. While the installation of these will require a heftier investment on your part, consumers prefer these features for their remote access and (for the smart thermostat) a long-term payoff of less expensive utility bills.

Upgrade the kitchen

Often regarded as one of the primary selling points of any home, it never hurts to sink some capital into your kitchen. Choosing to invest in features like a properly-sized kitchen island, new cabinets, energy-star-certified utilities, and the like will no doubt attract consumers to your home, as those features are in high demand for their unique aesthetic and functional benefits.

You may also want to spend time working on the aesthetic of your kitchen, installing new countertops, putting fresh coats of paint on cabinets and backsplashes, and even installing new flooring if your current flooring is damaged or worn down.

Home offices for remote work

In the aftermath of the pandemic, one feature that is quickly becoming a must-have is a home office outfitted with all the equipment remote workers need. Choosing to invest in amenities like a standing desk, file cabinets that are appropriately sized, and the like will no doubt attract these remote workers to your property: and if they want the furniture, they can always pay an additional premium.

Whether the furniture listed above is used for staging purposes or purchased outright by the customer, it’s a win for you. Staging your selected home office area will help persuade the consumer by allowing them to visualize themselves working in the space, regardless of whether they choose to pay a premium for the furniture themselves.

Choosing to invest in the above features will give you a leg up over your competition, ensuring that your house sells for a record-making price. Feel free to look into additional value-increasing amenities for an extra edge.

Written by Billy Guteng. March 8, 2022

Billy is a content writer for Kukun. He was born in France, and has lived in multiple cities around the world ever since. He loves art, design and architecture as well as construction and real estate.

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April 11, 2022 Log in to Reply
ava.williams70@yahoo.com
I love my boyfriend’s new home that allows me to bring my pets. Maybe you guys should mention some pet-friendly things like paw-proof floors or clean-up spaces.