The housing market has been experiencing some rough times in recent years, but this year is no exception. With unemployment and Covid 19 at record lows, fewer people can afford their homes. Furthermore, banks are allowing homeowners to miss mortgage payments and add them to their loans, resulting in fewer homes on the market. So what are some of the trends in homes for sale this year?
High-end home construction
The housing market made a spectacular comeback last quarter, following two consecutive declines. Low mortgage rates and a lack of inventory have created a red-hot market—many homes sold within hours and for well over the asking price. Housing experts are predicting similar trends for 2022. Zillow’s research projects double-digit percentage point increases in home values by then.
Although luxury home prices continue to rise, they may drop again once the coronavirus subsides. High inventory levels could also boost luxury home prices. While that’s bad news for buyers, it could be suitable for investors. Some property owners are capitalizing on amenities to attract tenants, especially in homes for sale in McKinney. Parking and gyms are no longer as important as a few years ago. Instead, owners are exploring unique and innovative amenities to entice renters.
VR and 3D modeling
Building companies are turning to VR and 3D modeling to market new homes. VR gives prospective buyers a way to walk through and evaluate a property before it is even built. Using VR can also reduce model home costs by enabling prospective buyers to see what the building will look like before it is constructed. The technology isn’t accessible, though. In addition, it can be expensive and time-consuming. If you’re interested in VR for your new homes for sale, ensure you’re equipped with the proper hardware and software.
A 3D model is much like an online dating profile when designing a new home. Everyone wants to look their best when they’re browsing potential dates. While you won’t be able to see other people’s bodies, your 3D model will impact potential buyers’ sense of spatial awareness and make them more likely to be receptive to your offer. So whether you’re building a custom home or using 3D modeling technology to sell your new home, you’ll have a unique advantage over your competitors.
Bringing the outside in
Bringing the outdoors has gained a foothold in the design community. Local experts discuss how to design with the natural world in mind. Some homeowners who posted homes for sale in Dallas see their outdoor space as an extension of their home, drawing design inspiration from its surroundings. Others want to create a natural oasis indoors and bring nature into the house by installing living walls. Regardless of your personal preferences, bringing the outside in is an excellent way to add a natural, welcoming feeling to your home.
Herringbone flooring is a classic style that exploded in popularity in France hundreds of years ago. Despite its traditional roots, herringbone flooring is still one of the most popular trends in homes for sale today. This stylish pattern comes in various colors, though pale blonde and cherry tones are most common. It pairs well with French-style homes and is also known as ultra-luxe wood floors.
The zigzag pattern creates a striking effect on a parquet floor. Wood planks cut at an angle form a chevron pattern, and this timeless look is a fantastic way to bring sophistication to a room. Herringbone flooring also gives a room an instant warm feeling. It also lends a sense of class and grandness.
As more homes are built with sustainable features, real estate agents need to understand this market. Home sellers are adding green fields to their listings to give consumers a more specific way to search for homes. These fields can help consumers search by criteria such as solar heating, high-efficiency HVAC systems, etc. The key is to know how to find these homes and be prepared to demand a qualified appraiser. To help buyers find sustainable homes, agents should know the latest trends and regulations.
Shipping container homes are a good choice among the different types of sustainable homes. Shipping containers can be moved whenever needed, making it a highly portable option. Some shipping container homes can even be transferred to another location. They may be expensive to buy, but the materials are much more sustainable and require less maintenance over time. One major drawback of owning a sustainable home is the cost. But green homes are typically more expensive to build due to the materials and technologies. Additionally, many governments offer rebates for water-efficient fixtures.
Increased demand for previously-owned homes
The National Association of Realtors recently reported that November home sales were at their highest pace in six years. Sales totaled 6.94 million, up 2.7 percent from October. Meanwhile, sales in the South were flat, and they rose 0.8 percent in the West. Overall, median home prices declined in all regions except the Northeast, where prices remained unchanged in November. At the same time, fewer homes are available for sale, causing more people to look for previously-owned homes.
The lack of inventory has been a stumbling block for the housing market, pushing up asking prices and weighing down affordability. According to the NAR last month, low supply eliminated the historically low discount associated with previously-owned homes. As a result, the median selling price for a previously-owned single-family home jumped to US$334,500, while a new home sold for $333,800.