What’s Different About the Housing Market in 2023

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The global economy challenges even the best financial prognosticators as interest rates, property availability, and other factors change daily. But several things appear relatively constant amid the chaos, particularly trends and consumer preferences for improvements and add-ons. Home buyers have shown increasing interest in underground shelters, safe rooms, tiny living spaces, manufactured structures, gated communities, domestic lifts, and other features for the past decade. Plus, the demand for fixer-upper homes has remained the same, probably because consumers view the houses to enter the market at the lowest possible price point. Consider the following features, improvements, and reasons for making 2023 a unique year in the real estate sector.

Safe Rooms & Survival Shelters

All over the world, people are becoming concerned about the general rise in crime rates, especially break-ins, home invasions, and burglaries. One part of a multi-pronged solution is creating a safe room, sometimes called a survival shelter. The spaces are hidden within a house and come with water, food, blankets, and an emergency phone storage space. Those who worry about the inherent danger of residing in a big city or just want an added measure of personal security can hire a contractor to design a safe room from extra interior space, like a spare bedroom, large closet, or storage room.


Lifts are showing up more often in both older and newer living spaces. Those who take tours of newly constructed developments discover that brand-new houses are sometimes outfitted with vertical transport units. While the phenomenon becomes more common, many people are choosing to install them in the houses they already own. Of course, one of the main questions is how much home lifts cost. Also, what are the benefits of getting one?

Sellers offer various styles among the ones they install, and prices tend to range from the £20,000 level and upward. Many owners are exploring the idea of domestic lifts because the units deliver several advantages from day one. First, family members struggling with staircases instantly fall in love with lifts for apparent reasons. But savvy homeowners also understand that adding a lift can substantially elevate the property’s value and potential selling price. Then there’s the ambience factor; a living room, den, or bedroom with a lift is automatically more elegant and classier.

The Tiny Movement

The tiny living space movement is a worldwide phenomenon. As the price of real estate rises on different architecture styles and in almost every location, conscientious adults seek downsized houses instead of traditional ones. Builders have gotten into the act and are responding to consumer demand by establishing developments that feature tiny single-family residential units. Unlike apartments, tiny homes are stand-alone units that resemble larger structures but are scaled-down replicas of standard abodes.

Demand For Fixer-Uppers is Sky-High

If you’ve been searching for a property that needs fixing before you can live in it, be prepared to wait in line. With global real estate prices reaching all-time highs in many nations, fixer-upper units are in high demand. Professional agencies and subcontractors are buying most of them. In a tight real estate market and an inflationary economy, acquiring a fixer-upper is a smart way to bag a significant gain on your investment. One of the main characteristics of this year’s market is the need for such structures.

Word of the Year: Gated

The top dictionary publishers announce their word of the year each December. It’s a clever marketing tactic to enlist subscribers to their online services. If real estate agencies did the same thing, this year’s word would be gated, as in gated communities. To acquire living space that is safer and at least appears to be more exclusive, large numbers of buyers are opting to move into gated neighbourhoods. Most mini-communities come with a security guard, a single point for entry and exit, and enhanced, around-the-clock security measures.

The Mood is Wait & See

The overall mood among potential homebuyers during the second half of this year is one of wait-and-see. Because the market has moved in both directions during the past several months and the economy is noticeably unstable, anyone with the patience to wait will be glad to do so. That reluctant attitude towards selling and buying property is the primary motivation behind improving living spaces with add-on features like lifts, safe rooms, and more. Other factors making 2023 unique for real estate deals are the global supply-chain crisis, the ongoing war in Ukraine, and the prospect of another viral pandemic. While the outcomes of those three events are highly uncertain, they are still contributors to the sense of volatility in the real estate sector.

Ref: 3421.30041

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