The real estate market is gearing up for some major changes in 2017. Home trends that have been consistent for the last few years are changing. There are a few different factors that are driving these changes like changes in the types of people that are buying homes, new mortgage rates, and changing consumer tastes. Here are some of the real estate trends to watch in 2017:
Even though the real estate market has suffered in the last few years as it recovered from the housing crash there are more new homes being built than ever. Buyers these days overwhelmingly want new construction homes built with energy efficiency and modern tastes in mind. That’s good news for builders but bad news for home sellers who want to attract buyers. Sellers that want to attract more buyers should focus on investments that will make their home more appealing by upgrading their homes to energy efficient appliances and modern design touches.
Rising Markets in Mid-Size Cities
As the housing markets get tighter and homes in large cities get more expensive more and more people will be looking to buy homes in mid-size cities around the country. Home sellers in cities that are within an easy distance to a major city should see a big increase in demand for homes. Sellers in cities have strong technology corridors should also see a jump in the demand for homes for sale and higher prices.
Function Over Fancy Design
Homebuyers in 2017 are increasingly looking for homes that have great function over fancy design. While designer additions like jetted bathtubs and coffered ceilings are nice more buyers are going to be attracted to homes that will function well from the start. Open floorplans with large modern kitchens are going to be in huge demand from modern buyers. Home sellers that are looking to attract buyers quickly should invest in kitchen and bathroom remodels that will appeal to today’s buyers. The most often requested new home features are updated kitchens, open floorplans, and energy efficient appliances throughout the home.
Outdoor Living Space
Another trend that will be in high demand this year is additional outdoor living space. More and more people are using their homes to entertain friends and family. Adding a deck, outdoor seating area, outdoor kitchen or other functional improvements can really add to the appeal of a home. Buyers want to be able to see their home as a retreat from the world where family and friends can gather in an informal space. Maximizing the potential of a home by adding attractive outdoor spaces is a great way to attract buyers fast.