Walkability is keeping pace with other amenities
Many of today's home buyers aren't just counting bedrooms and bathrooms — they're also counting steps to the nearest coffee shop. There's been a noticeable trend in prioritizing pedestrian-friendly communities, as home buyers seek not just homes but lifestyles centered around accessibility and walkability. In fact, the walking distance to certain amenities like stores, restaurants, and parks might just make or break a deal. While open floor plans and energy efficiency are still high on the list for many buyers, some — especially millennials — place a premium on walkability.
Living in a walkable neighborhood means you don't need your car for every errand. Historically characteristic of urban areas like New York, Chicago or San Francisco, numerous suburban communities are now adapting to the need for a more pedestrian-friendly model.
Buyers prioritizing walkability may need to make a few compromises. Larger properties, while offering more space, are frequently found in neighborhoods that are dependent on cars. Conversely, walkable areas tend to have smaller homes in more established areas, and these residences often command higher prices — almost 25% higher on average, according to industry experts.
However, these elevated costs can be partially recouped as residents of accessible communities use cars less frequently, saving on gas and general maintenance. Additionally, buyers looking for walkability may find unexpected benefits, including improved health and more opportunities for social interaction with neighbors.
If this concept appeals to you, explore neighborhoods by getting out of your car and taking a walk. Perhaps the perfect iced cappuccino, California roll or pistachio gelato is just around the corner.
Housing Trends of the Future
The Home Improvement Research Institute (HIRI) recently identified trends expected to impact the housing market in the coming years. Here's what you can expect to see.
Minimalism
A buzzword for simple living and design, minimalism is attractive to homeowners who desire optimized, uncluttered spaces.
Small Geographical Communities
Many local governments, as well as developer,s are advocating for community-centered living as an alternative to busy city neighborhoods. These walkable areas promote stronger connections among residents.
Connected Homes
According to HIRI, from 2020 to 2025, the smart-home market will have increased by more than 185%. Connected homes help to consolidate and systematize household chores and routines.
Outdoor Spaces
Well-planned outdoor living areas can add substantial value to a property. An increasing number of people are extending their living and socializing spaces beyond the walls of their homes.
Minimal Upkeep
Homeowners are investing more in maintenance-free products like wood-look flooring, composite decking, non-porous countertops, vinyl siding, and fiberglass-framed windows.
3 Housing Market Predictions: 2024 and Beyond
Predicting the future housing market is not a simple task, but industry experts are examining past and current trends to make informed forecasts. Here are three to consider.
First-Time Buyers Make a Comeback
Before the pandemic, first-time buyers accounted for 45% of all home purchases. This fell to 26% in 2022, but experts foresee a return to previous levels by 2024–2025.
Young Professionals Heading Out
With the popularity of remote work, young professionals are considering smaller towns near large cities. The affordability of the Midwest, South and Sunbelt is particularly attractive to these buyers.
Joint Real Estate Purchases Rise
Sharing home-buying expenses can lower the cost for each person involved. In 2024, many buyers will explore creative financing to increase their purchasing power in a competitive market.
Digital DIY: Apps for Your Next Home Project
Are you ready for a room refresh but don't know where to begin? Picturing the perfect revamp or renovation can be a challenge, but mobile apps make it easier than ever to imagine the possibilities. Consider one of these apps for your next DIY project.
Simply photograph a space in your home and start designing with Homestyler. Select paint colors or drag and drop furniture and decor from its image library. The app offers a free basic plan and is a great starting point for novices.
Budding interior designers can harness the power of artificial intelligence to turn ideas into reality with Renovate AI. Snap a picture of your remodeling project and receive immediate design suggestions. Products are available for purchase within the app.
With ideas created by real interior design professionals, Room Planner helps you easily redesign everything from living rooms to landscapes. Select from ready-made ideas or craft your own for free. Then, use the 3D modeling feature to take a look at the big picture.
What's a Reverse Housewarming Party?
Most people are familiar with housewarming parties — when friends and family members shower the new homeowners with gifts. However, a reverse housewarming party turns this traditional idea on its head. Before you list your property, throw a party and let your guests help themselves to all of your unwanted items.
Whether you want to pass along sentimental objects or clear out things you no longer need, a reverse housewarming party allows you to bless your guests and give your house one last hurrah. Once the party's over, you'll have less stuff to pack as you prepare to sell. Your newfound spaciousness will make it easier for buyers to envision their own belongings in the space. As an added bonus, you'll have a lot less to move when the time comes.
