As interest rates get ready to rise, more renters are jumping into the buyer's market before they get priced out. As new home inventory increases, builders are responding to buyers' desires for flexible, functional living space. Here are five single-family home trends shoppers should look for in 2017.
1. Public Gathering Spaces
According to Realtor magazine, more and more single family home developments are incorporating clubhouses similar to those common in condo communities. The reason? As more people move further from their families of origin, they crave connection. The latest trends in single-family home community amenities include space for trendy monthly events like food truck festivals, sleek outdoor kitchens, playgrounds, and even pools and fitness centers.
2. Smart Customization
As smart home technology advances rapidly, more buyers expect these features to be integrated into new single family homes. Seamless wiring and intuitive connectivity will be a boon for builders looking to snag millennials, who are thus far largely a generation of renters. In addition to technology, many new homes are designed with movable walls that allow families to reconfigure their floor plan.
3. Energy-Efficient Features
The race for smart technology extends to programmable thermostats designed to save money. Many home buyers are requesting more and larger windows to let in the light and cut electricity costs, so consult a business like Arch Design for window improvements in your home. Other green home buyer options becoming more popular in 2017 include low-flow appliances and fixtures, LED lighting, and better insulation.
4. Less Square Footage
Builder Magazine notes that while more single family home communities will open in 2017, both the average and median square footage of these new homes will be smaller. Buyers of new homes in 2017 will have an average of 2,439 square feet of space, compared to 2,453 square feet in 2014.
5. Outdoor Living
Even as home sizes get smaller, buyers want to optimize their usable space. While open floor plans are a popular way to do so, they are also ubiquitous. Savvy buyers are looking for new homes with usable square footage outdoors, such as patios, outdoor kitchen, spa areas, and comfortable entertaining spaces. A pool is a must in warm climates, but doesn't necessarily add value in colder areas of the country where use is limited to summer.
If you're shopping for a new single-family home in 2017, these are the five hot trends you can expect to find in builder's catalogs and realtor websites as selling season heats up.