Trend #1: Multi-purpose rooms!
People are wanting to spend more time at home and that doesn’t appear to be ending anytime soon. Any rooms or open spaces that you can use in a variety of ways will hold a higher value to potential clients. The larger the room or space, the more uses you can find which drives more value. Some examples of those spaces are: home office, game room, spare bedrooms, home gym, craft room, a study, or a finished basement.
If you are currently viewing homes to buy, make sure to consider what these houses have to offer and don’t view them on how spaces are presently utilized. If you are selling, make sure you stage rooms in your home that will maximize how the space could be used by the next family. If you are planning any home remodeling projects, make sure you create functional multi-purpose spaces.
Trend #2: No one wants to be stuck inside all the time, try to utilize your outdoor areas!
Outdoor living spaces are becoming a must for buyers in today’s market. This can include a patio, wraparound porch, deck, firepit, pool, or outdoor grilling area. Creative uses of outdoor areas increase your living space, while also providing your home with great curb appeal. After being stuck inside, additional outdoor living spaces give families the flexibility to reconnect and enjoy the fresh air.
As a seller, make sure you highlight these great outdoor features in your listing and take photos with ample amount of light to really achieve that eye-catching effect. The correct lighting helps with the overall ambiance, and enjoyment of your outdoor space. This means you should take photos at times that match the energy you are trying to present.
Trend #3: With more extended families living in the same home, there is a greater demand for space.
With factors like high rent prices and college graduates living back at home, multi-generational households are becoming the norm. This includes all households with at least three generations. With so many people living under one roof, space is at a premium.
Multi-generational households help growing families with childcare, upkeep around the house, and sharing living expenses (i.e., rent, internet, utilities, and other subscriptions). Additionally, the need for living space has increased in the last decade due to a growing number of households with pets, the COVID-19 pandemic, and remote work. According to a survey by Generations United, about 26% of the population in 2021, live in a multi-generational household. This has almost quadrupled since 2011 from about 7%. To avoid feeling like you and your family are too cramped make sure you look for homes with those larger living areas such as backyards, finished basements, and grand foyers.
Millennials are now the fastest-growing segment of homebuyers, and they represent the largest segment of pet owners. With people working from home and having more time to dedicate to their furry friends, households grew in size due to an increase in pet adoption. As they look for new homes to buy, they are looking for the right size homes that will be the perfect fit for their pets.
Whether you are buying, selling, refinancing, updating your current house or are looking for new ways to enjoy your current home, make sure you pay attention to the latest trends. This will increase the value of your home and the enjoyment you get out of your current living spaces. Not sure where to begin, contact Paragon Home Loans today so we can help you take advantage of the current market trends.