Spring is a time for renewal and rebirth. It’s a time when we revisit those new year’s goals – like buying or selling a home. The spring and summer seasons are generally more prosperous when it comes to home-selling (and buying!), so now is the time get up to date on this season’s top real estate trends. Here are five surprising real estate trends you, your real estate agent, and your home stager will want to be aware of as you approach the housing market this spring.
#1. Millennials will make up a large portion of home-buyers
This is a trend that has been increasing steadily within the past few years and will continue to grow. The generation of 25-34 year olds are in a place in their professional lives where they are making enough money to consider buying property. This influx of millennials in the home-buying realm will mean that over ⅓ of potential buyers will most likely be new to home-owning and prioritizing affordability and elements of urban living (such as proximity to public transit-oriented development or smaller city-centers) in their search for shelter. You and your home stager should keep this as you prep your home for sale and consider its target buyer.
#2. Technology is changing the way people buy and sell
Apps like Zillow and Trulia have existed for sometime; allowing potential buyers to search within the their price range and desired neighborhood with the touch of a finger. However, numerous other applications have hit the virtual sphere within the last few years. Dwellr, an app backed by the census bureau provides the user with in-depth information about the neighborhood he or she is looking to buy into. Most home-buyers window shop for homes online – poorly staged home photos will turn buyers off before they even get in your door. That is why staging your home and capturing engaging photos of it is such an integral part of putting your home on the market. White Orchid Interiors new zip code estimating technology allows you to receive a free home staging for your neighborhood. Curious? We thought so, check it out now.
#3. The single-family home is back
Over the past few years, construction on single-family units had decreased due to labor costs and the influx of city-dwellers (and the subsequent need for multi-unit shelter). We’re beginning to see a shift away from high-cost residences and back to single family homes within the median price range.
#4. Rent prices will increase more than housing prices
More than 85% of U.S. markets have rents that exceed 30% of the income of renting households. Rents will continue to climb exponentially, while the median cost of housing, though also increasing, will do so at a steady pace. Home-buying will be a relatively more affordable, and logical, option today’s real estate market. Make sure that your home is ready to entice those buyers as soon as they walk through your front door.
#5. Second-tier cities get a big boom
Smaller U.S. cities are starting to get their time in the spotlight. Attention is shifting away from big, established cities (such as New York or San Francisco) and toward less-developed urban areas such as Austin, Denver, Portland, and Nashville. In the past few years these urban areas have been flooded younger generations in search of lower housing costs. The millennials who have already set root in the aforementioned city-centers have drastically changed the landscape of each, drawing new developers, businesses, and homeowners to-be to places they may not have previously considered. Are you getting ready to sell in one of these up-and-coming markets? Be sure to discuss, with your home stager and real estate agent how this affects your home’s target buyer and your its staging style.
Ready to put your home on the market?
Spring is the perfect time to sell. but be sure to take these spring trends into account as you prepare your home for sale. Staging your home can mean fewer open houses disrupting your schedule and mean more offers that drive up your home’s sale price. Get a free, instant home staging quote from White Orchid Interiors today and connect with an expert home staging professional.