Real Estate Market Trends in Summer 2023

Many aspiring investors would ask - Will the housing market crash after the pandemic? Other experts even uttered some housing market predictions that global housing markets would hardly recover in 2023.

When it comes to investment, one of the most stable ones is the housing market. In fact, buying an affordable house and lot is a smart choice, even better than stocks, bonds, or cryptocurrency. As a result, only fewer buyers are looking for lavish house and lot Philippines that perfectly match their changing needs. 

Furthermore, there is a notable surge in real estate trends, wherein many individuals are indulged in acquiring housing properties situated in prime locations across the Philippines during the pre-pandemic levels. Note that as people find themselves confined to their residences, they tend to seek alternate abodes where they could retreat and enjoy quality time with their loved ones. A fresh environment, coupled with the shift towards remote work, prompted them to explore the prospect of a new dwelling to cater to their evolving lifestyle.

Whether it's a summer getaway, or a vacation home to rent out, the demand for housing properties never seems to stop. So, it's a great market to be in.

3 Real Estate Summer Trends in 2023

It's interesting to see how people's priorities have shifted when it comes to spending their hard-earned money on housing. Even in the luxury sector, practicality has become the name of the game. 

What's trending now are houses that are just the right size – not too big, not too small. They offer convenience, peace of mind, and most of all, no need to hire professional cleaners every month. 

Here are the latest summer market trends in real estate.

Affordable House and Lot for Sale

Developers are catering to the demand for more accessible housing options, providing affordable yet quality properties for sale. This trend allows more individuals and families to enter the real estate market and secure their own homes.

Glass Houses

These architectural marvels embrace the beauty of natural light and transparency, creating a seamless connection between indoor and outdoor spaces. Glass houses provide a contemporary and refreshing living experience, allowing residents to enjoy panoramic views and a sense of openness.

Luxury Condo Units

Condominiums offer luxurious amenities, convenient locations, and top-notch security. Having a low-maintenance lifestyle combined with exclusive facilities such as swimming pools, fitness centers, and 24/7 concierge services makes luxury condos an attractive investment for those seeking a lavish and convenient living experience.

How to Get the Best Summer Deals in Real Estate

You can position yourself to make an excellent choice and increase your chances of finding the best real estate deals in the summer market this 2023.

Stay Informed about the Housing Market

Keeping yourself informed about the housing market is crucial for making informed decisions. Monitor the national housing market trends and predictions provided by industry experts, such as the National Association of Realtors (NAR) or mortgage bankers associations like the Mortgage Bankers Association. Stay updated on important factors like home prices, housing inventory, and existing home sales. 

Moreover, fluctuations can impact the affordability of homes so keep an eye on mortgage or amortization rates. Be informed about actions in several markets outside the Philippines, including the Federal Reserve, and their potential impact on rising interest rates and the overall house prices in the real estate market.

Act Early in the Summer

Acting early in the summer can give you an advantage in securing better deals. In the early summer months, the housing supply tends to be higher, and sellers may be more motivated to negotiate. This means there might be more listings coming onto the market, providing you with a wider range of options to choose from. So, if you act swiftly, you can potentially find homes at lower prices and avoid facing intense competition from other buyers as the summer progresses.

Keep an Eye on Mortgage Rates

Mortgage rates play a significant role in determining the affordability of homes. Monitor current mortgage rates provided by sources like Freddie Mac. If mortgage interest rates are rising, it could affect your budget and purchasing power. Higher mortgage interest rates can increase your monthly payment and impact the overall cost of your home purchase. Keep track of the average rate trends and be prepared to adjust your budget accordingly or consider locking in a rate if you find a favorable one.

Work with Experienced Real Estate Professionals

Collaborating with experienced real estate professionals, such as agents or brokers, can be immensely beneficial. An experienced agent who is familiar with your local market can provide valuable insights into current trends, recent sales data, and pricing strategies. They can guide you through the home-buying process. They can help you navigate bidding wars or multiple offers, and negotiate favorable terms on your behalf. Their expertise and network within the industry can definitely give you a competitive edge in finding the best deals.

Be Flexible and Prepared

Flexibility and preparedness are key when searching for the best real estate deals. By being flexible, you can adapt to market conditions and adjust your preferences if necessary. For example, if inventory is limited in your desired location, consider expanding your search to nearby cities or neighborhoods. 

Being financially prepared is also crucial. Ensure your financial situation is in order, including having pre-approval for a mortgage if needed. Consider alternative financing options like adjustable-rate mortgages or personal loans if they align with your long-term plans. This preparedness allows you to act quickly when the right opportunity arises. As such, you’ll be increasing your chances of securing a favorable deal.

In 2023, the real estate market is witnessing noteworthy trends, particularly with the rising popularity of affordable house and lot options. One notable player in this market is Lumina Homes, a renowned developer known for providing budget-friendly housing solutions. As people transition to a post-pandemic lifestyle, the demand for spacious houses has decreased. And, there is also a growing preference for smaller, more affordable homes. 

Lumina Homes, with its commitment to providing affordable residential properties, has emerged as a desirable choice for those seeking quality yet budget-friendly residences. This shift in housing preferences reflects the evolving needs and priorities of individuals in the current real estate market.

So, if you are in a house-hunting mode, get an opportunity to own a Lumina home, covering over 50 locations throughout the country.