As pandemic panic wanes and economic concerns linger, how we think about our homes will shift accordingly in 2023.
Now that home trends for the coming year address emerging personal and global concerns.
The concept for the 2023 edition reflects the value consumers place on the origins of products, the manufacturing methods, and the commitments of companies. Here’s how it all takes shape.
Home Trends Will Be Hottest in 2023
WARM ’90S NEUTRALS RETURN
Bring on the beige, brown, and cream. Cool neutrals will be passed over for hues that are, we dare say, evocative of the ’90s. Designers agree.
This change seems to be as much about our post-pandemic emotional state as it is about a murky financial future.
RAW, NATURAL MATERIALS REIGN
It’s no secret that dramatic, colorful marble is everywhere. And that’s part of a larger trend that highlights the natural qualities of materials, stripped of all synthetics. While organic shapes and materials have been popular in the past, this is more specific.
SUSTAINABILITY HAS STAYING POWER
The top trend that will continue in 2023? Designers say it’s sustainability. This is, perhaps, not a revelation. However, earth-friendly practices will reach further this year, from objets d’art to our gardens.
Meanwhile, searches for natural sustainable gardening solutions, like “harvesting rainwater” and “drought-tolerant landscapes,” are rising on Pinterest, according to the company’s 2023 predictions report.
MAXIMALISM, BUT MAKE IT MODERN
GREEN WILL BE THE ACCENT COLOR OF CHOICE
Expect to see green everywhere. Emerald earned the top color spot in the designer survey for the third year in a row and Sage was the runner-up.
HAND-FORMED TEXTURES TAKE HOLD
Like the continued interest in sustainability, a focus on handmade artisan goods points to the shift toward design with global impact. The majority of the designers said they will be sourcing work from artisan makers this year.
For that reason, papier-mâché is a medium that we will see much more of. It is lightweight, relatively affordable, and doesn’t require much energy consumption.
A MOVE TOWARD TRANSPARENT TOUCHES
Ethereal details will rule the fashion scene in 2023. The experts at Pinterest predict a wave of lace, tulle, ruffles, and shimmer.
New transparent objects, with an airy and lightly tinted design, help us free up space to move, escape, and let our thoughts wander as we dream. The trend will manifest with an onslaught of glass brick. Alabaster lighting will be the next big thing.
HOLDING ONTO HISTORY
Pinterest calls it the “historic home trend.” Comfort is a key quality here – reassurance, familiarity, a feel-good aspect like bringing up a smile seeing it, or touching it.
Consumers can bring new life to old furniture and fixtures with textiles and knits at a minimal cost. Think of it as yarn bombing but in your home. Will this rather specific forecast materialize? Only time will tell.
Top Home Trends & Forecasts in 2023
2023 proved to be a year of a new high for the real estate market. Interestingly, the real estate market has stayed true to the expectations of real estate investors despite the number of ups and downs in the last couple of years. Fortunately, positive expectations and a rise in the momentum of growth have demonstrated the market’s ability to persist and will continue to do so in 2023 and the upcoming years as well.
The real estate market offers something for every type of investor out there. Considering 2023, the general economy shows encouraging indicators, including a rebound from the current stock market fall, a predicted increase in the creation of new employment opportunities, and overall growth. These indicators will ultimately lead to a rise in the demand for housing as more and more individuals step into the housing market.
Let us take a look at some of the top home trends in 2023 that are predicted to rule the real estate market:
Shop-cum-Offices in Commercial
Shop-cum-offices, also known as SCO, is a commercial real estate class that has seen immense growth in the last few years. A new era of commercial SCO plots has emerged. Fortunately, the SCO markets have seen phenomenal growth and the early investors’ capital has multiplied multiple times as well. An investor in the SCO market can profit from longer leases, a higher income, and consistent cash flow.
House Hunting Going Digital
Digital platforms have existed forever, however, during and after the pandemic, the need for these platforms has multiplied across all industries. The real estate industry is no different. Over the last few months, individuals have made their home bookings via a digital platform. Additionally, other factors involved in a home-buying process such as a home tour, brokerage amount, rent amount, deposit amount, lease agreement, etc., have gone digital too. Furthermore, home loans can now be made online as well. This will serve as the basis for purchasing and selling real estate projects in 2023.
The upcoming housing market in 2023 will be a sellers’ market. It is anticipated that the prices of the housing market will rise for some time due to the growing demand for houses coupled with limited supply. Generation Y will be initiating real estate investments for the first time this year. Accordingly, the housing demand for residential and commercial spaces will see an increase as well.
A Rise in Property Prices
Increased demand and the market becoming a sellers’ market will eventually lead to an increase in property prices. Homebuyers are aware of the rising prices. Interestingly, some buyers are even willing to pay more than the asking price in order to secure the acquisition.
Higher Interest Rates
The era of low-interest rates is now over. The current geo-political scenario along with the mounting inflation will be putting pressure on the lending rates which are, therefore, expected to climb in 2023.
Tier-II Cities Becoming Residential Markets
An increased proportion of investments will be moving to tier-II and tier-III cities in 2023. Furthermore, with an increase in job opportunities and economic growth, these cities are more likely to experience a dense residential population. Also, several of the tier-II and tier-III cities are well-connected to metropolitan cities in the country. This, in turn, will lead to residents moving to tier-II and tier-III cities and commuting for work every day.
Rental Market Slowing Down
Post-pandemic, the desire to have one’s own home has increased. People who can afford to buy a house will be investing in one. This will reduce the demand for rented properties in large metropolitan cities. Most people these days prefer to have their own house instead of renting one, due to the increase in parity with EMI values. Furthermore, an increase in people’s affordability will lead to the rental market slowing down in 2023.
With the rental market slowing down, the demand for homeownership will increase too. The market will see an increase in younger and first-time home buyers as well.
Growth in Office Leasing
The demand for office spaces, especially the IT and retail businesses will see a rise in 2023. Furthermore, e-commerce and third-party logistics companies will feel the need to invest in warehousing, which will make them the fastest-growing commercial real estate segment. Apart from these, investments in data centers will see an increase too.
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