7 Emerging and Technological
Approaches to The Oman Real Estate By 2021
As the year draws to a close and COVID-19
is taking over the economy, you may be wondering how this has affected the
housing market and what the New Year is all about in the industry. Yes, the Oman Real Estate remains strong, while
collecting different styles than in previous years.
Whether you are a real estate agent, you
want to buy, or you want to sell, new styles can help you achieve your goals in
the real estate market by being a reliable source of change and helping you
make better decisions.
Here are some of the major emerging trends
and technologies of the housing market that you should be aware of by 2021.
1)
Home Prices Rise
Let's start with prices for housing in Oman! Over the past few
years, house prices have been rising and the trend could continue in 2021.
Here are some average prices in recent
years (in today's dollars):
·
1980: $ 148,000
·
2000: $ 180,000
·
2019: $ 309,000
·
Today: about $ 320.00
While the current average number of
households is one of the highest in history, the growth rate is one of the
lowest (about 3%). However, Lawrence Yun, the National Association of Realtors
Chief Economist, is confident that the domestic inflation rate will reach 4% by
the end of 2020.
This means that there is likely to be a
small increase in domestic prices by 2021, instead of a large increase as has
been the case in previous years.
2)
Low Housing List
One of the reasons for housing prices to
rise is because of the lack of housing lists. As a result of COVID-19, there
has been more demand for supply when it comes to the housing market.
Assets are expected to remain low until the
end of 2020 and 2021 in general. This will result in a further increase in
domestic prices and bidding battles.
3)
Lower Mortgage Rates
By 2020, loan rates will reach record
levels.
In January 2020, the average 30-year
interest rate was almost 3.7%. When COVID-19 struck, the Federal Reserve
responded by dropping government spending, which in turn caused lower prices
across the country.
In addition to lower mortgage rates, lower
national interest rates have also been lower.
Economists believe that these levels will
continue to remain low until the economy recovers, which is still unclear.
Therefore, you should continue to see lower mortgage prices until 2021.
4)
Majority of the home buyers are Millennium
Home Buyers
The Millennium has been the largest group
of home buyers in the last two years. They are expected to be the biggest team
by 2021.
What does this mean for the housing market?
As thousands of years start looking for their first home list, location and
tech savvy are important.
Many thousands of years have gone from city
to city. Cities tend to be the hottest place for thousands of years because of
safe havens and affordable prices.
Millennium is also known as savvy
technology. This means that listing online sites will become more important in
the coming years as more and more consumers use the Internet to search for
homes.
5)
The Rise In Virtual
Reality
One of the greatest forms of architecture
technology is virtual reality (VR).
One reason that VR is growing in popularity
is because of COVID-19, where home visits are not allowed. Since then, the
convenience and convenience of VR in real estate has made it very popular and
its use will continue to increase until 2021.
What exactly is the reality? VR refers to
computer simulations. Within the simulation, users can explore and participate
in the 3D artificial environment. Here are a few benefits of using VR in the
housing market:
·
It is a way for real estate
agents to sell properties for a small investment
·
Allows vendors and agents to
create amazing 3D home tours
·
Allows consumers to participate
in many campaigns in a short period of time without having to physically visit
them
·
Can be used by brokers,
brokers, and builders to show different ideas for specific spaces that
customers can decorate.
6)
Smartphone Applications
The number of customers using smartphones
is increasing, and will continue to do so in 2021. As a result, agencies have
been developing their own smartphone systems to connect with customers.
Smartphone apps:
·
Allow customers access to
property information at any time
·
Reduced customer interaction
with the real estate agency
·
Reduce efficiency, save time,
and save resources
7)
Mawa Sets the Trend
Mawa paves the way and sets the trend for
entry with new technology for Oman real
estate.
Our services can help make the real estate
process better by:
·
To give you information about
your explosion in your hands
·
Provide real-time updates
·
Have a secure messaging system
·
Includes netsheets
Want more details and get started? Connect
with Mawa today!
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