Identifying factors, forces, and trends influencing the market is part of being a real estate agent. This knowledge affects comparative market analyses and listing prices, offers, marketing choices, and renovation investments. While you may be tired of hearing about millennials, paying attention to what they’re into now can help you predict movements that will dominate the industry in the future. You may read some creative ideas of an open house here.
So, let’s take a look at some trends in the residential real estate industry this summer.
Boomers and Millennials
The National Association of REALTORS® predicted that these two generations will dominate the 2017 real estate market and well into the coming years. Millennials and boomers are each expected to make up about 30% of buyers. Also, cities in the Midwest such as Madison, Columbus, Omaha, Des Moines, and Minneapolis are attracting more millennials due to strong affordability.
With summer barbecues and picnics top of mind, prospective buyers will be yearning for intimate spaces with water features, inviting backyards, and cozy seating areas. Entertaining migrates outside during the summer, so outdoor design is enjoying a surge of attention. Homes with spacious yards, patios, porches, decks, or verandas will be in high demand. Indoor/outdoor living spaces that blend gardens and living rooms have been trending in recent years, sporting stackable doors, new flooring materials, and floor-to-ceiling retractable glass walls and screens.
Nearly a quarter of working Americans did some or all of their work from home in 2015, according to the Bureau of Labor Statistics, and some polls put it at 30 to 40%. With telecommuting technologies becoming more common, homeowners will need home offices or spaces for work stations. Rooms that can easily transform to different purposes are attractive for their efficient use of space.
Customers are getting more savvy when it comes to energy costs and efficiency as they’re increasingly aware of big utility bills. Low energy surface coatings, films, shields, and glass tiles for windows and walls are more popular with new houses. Heated floors can save energy and heat entire rooms.
Driving and parking in downtown neighborhoods can be a pain. More homebuyers are warming to the idea of suburbs close to town centers. Houses within walking distance of public transit and commercial centers with locally owned shops are seeing increased value and interest from consumers. The distance to attractive amenities and neighborhoods is being included with advertised listing information.
More developments are offering spaces for residents and friends to gather for the face-to-face interactions desired by social media addicted consumers. When people are spending more time at work and online, a longing for real life connections grows. Community gathering spaces are becoming popular especially with residents who don’t live close to entertainment options.
Clubhouses, decks, pools, fitness centers, and free monthly events provide a sense of community. Look for these amenities to attract millennial buyers and help listings stand out from the crowd.
Home is increasingly viewed as a refuge from the world and a place to relax. Homebuyers are looking for great spaces to spend their free time. Outdoor ovens, bocce courts, putting greens, game rooms, and home theaters are trending up on buyers’ wish lists.
This one is popping up on a lot of trend lists. People love entertaining so it’s no wonder built-in bars are gaining popularity. A dedicated bar nook with built-in shelving, cabinets, and a small seating area gives a house that special something that will stick in buyers’ minds. Built-in bars offer tons of decorating opportunities and a perfect stage for showing off cocktail mixing skills.
Keep an eye on these markets and trends. Staying in tune with how modern people are living and what buyers want prepares you to sell houses fast for the best prices.
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