The Future of Real Estate: Emerging Trends to Watch

Photo Credit: Doug Petersen As the new year begins, real estate continues to change and evolve to fit with technological advancements and shifting societal norms. From sustainable living to virtual tours, several trends are shaping the future of housing. Let's explore these emerging trends that are expected to leave a lasting impact on how we buy, sell, and live in our homes.   Home Efficiency: Photo Credit: David FishEnvironmentally friendly living is taking center stage in the real estate landscape. As sustainability becomes sought after by buyers, “green homes” are gaining popularity. These houses incorporate eco-friendly practices, such as energy-efficient appliances, solar panels, and energy-efficient windows. These homes not only positively impact the environment, but also can lead to lower energy bills for the homeowners.    Smart Features: Photo Credit: David Fish The integration of smart technologies is revolutionizing the way we interact with our living spaces. Smart homes with connected devices and automation systems offer enhanced security, energy efficiency, and convenience. These high-tech devices include thermostats that can be set on your phone, security systems that can be controlled remotely, and smart lighting throughout the house. These devices add convenience to our homes and buyers are prioritizing homes with tech built in. The future holds the promise of even more sophisticated and interconnected smart home solutions, making our living spaces comfortable and intelligent.   Home Office Space: Photo Credit: Doug Petersen The rise of remote work has changed what homebuyers are looking for in their ideal homes. With an increasing number of people working from home, homebuyers now prioritize dedicated office space. The real estate industry is adapting to this shift, with builders and developers incorporating flexible and multifunctional spaces to accommodate these needs. The home is transforming from a living space to a versatile place that supports both life and work, a lingering change from the pandemic.   Smaller Single Family Homes, More Townhomes, Larger Condos: Photo Credit: Tony Moody Higher mortgage interest rates and a shift in lifestyle have placed emphasis on smaller single family homes with less bedrooms. The National Association of Home builders says that the median square footage of new single family homes is 2,261, a little more than 200sf smaller than in 2015.. At the same time, renters are seeking more space to accommodate changes in remote work and more luxury amenities. Demand for luxury apartments remains intact heading into 2024, especially in retirement areas like Florida and Arizona.    Natural and Native Landscaping: Photo Credit: Doug Petersen Concerns over climate change and resource availability is forcing homeowners to reconsider whether the grass is greener on the other side. Yards consisting of native/drought-tolerant plants, rock, and other hardscape are being prioritized over lush, water hungry lawns. In desert climates like Idaho, Arizona, and California, xeriscaping has been popularized and is becoming more accepted by HOAs. Rising Home Prices and Less Inventory: As demand for housing continues to surge, the real estate market is grappling with rising home prices and dwindling inventory. The National Association of Real Estate predicts home prices to rise by 2.6% in 2024. The competitive market will force buyers to act swiftly, while sellers enjoy the benefits of increased property values.

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4 Questions All Home Buyers Should Ask Themselves

Buying a home is one of the most exciting and biggest financial decisions a person can make. There is a lot to consider when choosing a home, and it can be overwhelming to know what to prioritize. Because let’s be honest, unless you are building a home from scratch or come across a unicorn property, you won’t get everything you’re looking for.  First-time home buyers especially need to remember that their choices may typically be limited. It’s crucial that buyers answer these 4 questions when purchasing a home to help them find a home that aligns with their goals and needs.   1. What are my basic needs? Credit: Borta Consider your basic needs in a home: factors such as the number of bedrooms and bathrooms, square footage, layout, and any detail that fits your lifestyle (i.e. office for remote work, classroom space for homeschooling, yard for pets, or garage). Identifying these non-negotiable needs will help you filter out properties that automatically don’t meet your basic requirements.   2. What are my long-term goals? Credit: Unseen Studio Think about your future plans. Are you looking for a starter home that you'll eventually outgrow, or are you searching for a property where you can settle down long-term? Consider factors like school districts, proximity to work or family, potential for resale value, and the overall neighborhood's development trends.  Many first-time home buyers would benefit from looking at their first home purchase as an investment in their future rather than their dream home. They can rent their first home once they outgrow it to generate income, or sell it to use the equity gained to purchase the next home.   3. What kind of lifestyle do I want? Credit: Los Muertos Crew Think about the lifestyle you want to lead in your new home. Are you an outdoor enthusiast who wants to be close to parks, trails, or other recreation? Do you value proximity to entertainment and dining? Do you want to be at home making memories? Consider nearby shopping centers, public transportation, fitness facilities, schools, and commute times that align with your interests and daily routines. Being clear on what you value being close to helps your agent focus on the areas that work best for you. Work with a realtor knowledgeable in the areas you want to be in. If you aren’t sure yet, schedule a relocation consultation to get to know popular areas. Click here for a complimentary guide to explore Boise!   4. What’s my budget? Establish a realistic budget based on your financial situation, including your down payment, monthly mortgage payment, property taxes, insurance, and potential maintenance costs. Determine if you're willing to stretch your budget slightly for a property that offers significant value or features, but also set clear limits to avoid overextending yourself.    By answering these four questions thoughtfully, you'll be able to create a comprehensive "must-have" buying list that prioritizes your needs, aligns with your long-term goals, enhances your desired lifestyle, and falls within your budget. This list will serve as a valuable guide as you navigate the home-buying process and evaluate potential properties.    

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Avoid These 4 Common Mistakes When Selling Your Home

Selling a home is a significant financial and emotional undertaking, and avoiding common pitfalls can make the process smoother and lead to a successful outcome. To help you navigate the real estate market successfully, here are four mistakes that sellers often make and how to steer clear of them.   Kicking First Impressions to the Curb:                   Credit: Curtis Adams First impressions matter, especially when it comes to selling your home. Neglecting the exterior of your home can turn away potential buyers before they even step inside. Overgrown lawns, peeling paint, and cluttered driveways can create a negative perception of your property. Invest time and effort into enhancing your home's curb appeal by maintaining the landscaping, freshening up the paint, and tidying up the entrance. Remember, a well-maintained exterior signals that the interior is likely well-cared for too.   Overpricing Your Home:   Setting an unrealistic price for your property can deter potential buyers and lead to extended time on the market. While it's natural to want to maximize your profit, it's essential to research and analyze comparable properties in your area to determine a competitive price point. An experienced realtor can provide valuable insights and help you arrive at a fair and attractive asking price that will generate serious interest and ultimately offers.    Neglecting Repairs and Updates:                       Credit: Ksenia Chernaya Buyers are often looking for move-in-ready homes, and neglecting maintenance repairs and updates will cause buyers to wonder how well the home has been cared for. While major renovations might not be necessary, addressing minor repairs, such as leaky faucets, cracked tiles, or peeling paint can significantly improve your home's appeal. Additionally, consider making strategic updates, such as fresh paint, modern fixtures, or updated flooring to make your property more appealing to a broader range of potential buyers, and in some cases boost its value.   Poor Presentation:                       Credit: Ksenia Chernaya Failing to present your home in its best light can hinder your selling efforts. Cluttered spaces, overly personalized decor, and poor staging can make it difficult for buyers to envision themselves living in the property. Prior to listing your home, declutter and depersonalize by about 30%, allowing buyers to focus on the features and potential of the space. Professional staging further enhances your home’s appeal by neutralizing the home and helps buyers see the possibilities of living there, and typically yields a higher offer.   Selling your home successfully involves more than just placing a "For Sale" sign in the yard. By avoiding these common mistakes, you can increase your chances of attracting interested buyers, receiving competitive offers, and having a successful sale. Take the time to invest in your property's presentation, pricing, and maintenance, and enlist the guidance of a qualified real estate professional to navigate the process with confidence. Remember, a well-prepared and well-presented home can make all the difference in achieving a quick and profitable sale in any market. 

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