Housing inventory has been historically low. During the summer months, supply began to increase slightly. With new listings come more choices for homebuyers and more competition for sellers. Builders are doing their best to keep construction pace up to the demand for new inventory to arrive in the coming year. Homebuilders are also meeting the desired amenities included on the wish lists of buyers. What has changed? What can be expected of buyers who plan to purchase a home this next year?
Knowing what you are looking for in a home can help narrow down options on what offers you can afford. Sit down to create a wish list to determine your absolute needs and your wants in a home. Share this list with your realtor to help keep the home search specific and your budget on track.
While the needs and wants of every prospective homebuyer vary, the industry tends to see new patterns and trends each year. According to a recent survey, The National Association of Realtors (NAR) found that these preferences often differ by age. Families who have small children look to the number of bedrooms in a home and consider the quality of nearby school districts. Walkability or a quick commute to grocery stores, shops, schools, and restaurants has become essential with young homebuyers rather than just a perk. Buyers 55 years and older tend to seek out privacy and quiet neighborhoods versus the size and amount of bedrooms in the house. Below are a few more must-haves the industry will see going into 2022. What would you include on your wish list?
Last year, with working from home regulations and remote learning, families sought out more space. Remote work is here to stay. Industry professionals expect buyers to continue seeking out houses that include a home office or working space. Additional rooms that are compatible with multiple people and uses will stay on the list for 2022.
Another big plus for buyers is outdoor spaces or yards. Decks, porches, and additional areas for the kids to play in are a necessity. Homeowners nationwide added exterior lighting features and other amenities like firepits to help create ambiance.
After experiencing a global pandemic, more people are prioritizing spending time outdoors and in nature. Creating a livable space outdoors can act as an extra living space.
Separate Living Areas
For years, an open floor plan was high on the want list. Builders constructed new homes that flowed through open spaces between the kitchen, living room, hallways, and sitting areas.
These days, home builders are considering the demand for separate living areas. Having the ability to rest, read, work, or focus on other tasks without interruption is a priority.
Maximizing space is a continuous task. For growing families, storage space is a must to keep life organized. Walk-in closets and pantries, garage space, built-in storage features, closet space, and even hidden kitchen storage are a high priority for prospective home buyers. Not only does more storage give buyers an idea of how much they can store, but it provides more options on how the buyer utilizes the space.
Home security systems create safety and convenience. Some of the most popular home automation systems today are home security programs. Adding products like video doorbells, keypads or coded door locks, and scheduled lights have become more common for homeowners.
The modern home has smart home device features already built-in due to the many benefits. Automated lights, heating controls, entertainment systems, and more showcases convenience and style to buyers. Better yet, it displays protection for families who envision themselves living in the house.
If you are looking to sell next year, buyers’ wishlists can be just as important. Now is a great time to start thinking about what you can do to make your house a top choice for buyers. In most cases, it is better to add amenities or make small improvements versus expensive renovations.
It may be helpful to keep in mind that some renovations and building considerations will have a greater return on investment than others. Sit down with your agent to get the best strategy in place.
For all the buyers out there, start creating that wants, needs, and wishes list now. The more prepared you are, the more confident you will be when finding your dream home.
This article is intended to be accurate, but the information is not guaranteed. Please reach out to us directly if you have any specific real estate or mortgage questions or would like help from a local professional. The article was written by Sparkling Marketing, Inc. with information from resources like NAR, Forbes, and Realtor.com