Light Wave
U.S. News
World
Politics
Entertainment
Business
Sports
Lifestyle
Travel
Nostalgic America
Kamala Harris
politics
political cartoons
comedy
humor
cartoons
washington dc
funny
Donald trump
Joe Biden
republican
democrat
America
Nostalgia
Donald Trump
About
Lifestyle
5 At-Risk Home Types to Avoid in 2024’s Shifting Housing Market
By
Jake Beardslee
· March 5, 2024
As the real estate industry continues to shift, certain types of homes may see declining property values this year. Understanding these dynamics can help both homeowners and prospective buyers make educated real estate decisions. Let's break down the five home types that experts predict will drop in value in 2024.
CHUTTERSNAP/Unsplash
Coastal Communities at Climate Risk: Higher Storms, Higher Prices
Homes located in disaster-prone coastal areas
are facing increasing insurance costs and diminished demand
as climate change makes these regions riskier. Without coverage or buyers, these properties' values will naturally decrease.
Brian McGowan/Unsplash
Outdated Digs Lose Their Appeal
Dated properties without renovated kitchens or energy-efficient upgrades struggle to attract buyers looking for move-in ready homes. As preferences evolve, the value gap between updated and outdated homes will only grow.
Tomoko Deguchi/Unsplash
Urban Luxury Blues
Once highly coveted for their downtown status,
luxury condos are now seeing less demand as remote work takes hold
. With fewer amenities to justify high prices, these properties' values will taper off.
Chalo Garcia/Unsplash
Live Near Pollution, Pay the Price
Exposure to environmental hazards like industrial air pollution or traffic lowers home desirability, hitting values in these already vulnerable neighborhoods. Health and safety concerns steer buyers elsewhere.
Aleksandr Popov/Unsplash
Too Many Oversized Homes
Baby boomers and retirees constructed sizable, lavish dream homes across the Sunbelt region over the past decades. However,
these properties now have limited appeal among potential buyers
, as the market's preferences have shifted away from such oversized residences in recent years.
Nick Romanov/Unsplash
In conclusion, a variety of trends are poised to impact local housing markets and individual home values in 2024. Staying informed on these types of dynamics can lead to smarter real estate investing and purchasing choices in the coming year. With careful consideration and research, homeowners and buyers alike stand to make well-informed decisions.
Maria Ziegler/Unsplash