I always find it interesting to see how the trends in real estate change over time. Remember back in the 50s and 60s when homes were built with one car garages? Or, how about the 70s (okay, I’m dating myself here!) when avocado green and burnt orange were the rage? And then the 80s and 90s ushered in the southwestern motif. My how things have changed!
Here’s some of the latest real estate trends we’re seeing take hold in the twenty-teens:
Living Rooms Moving Upstairs1. The Wall Street Journal reports that upper level living areas are becoming popular with today’s homebuyers. Sometimes referred to as Pajama Lounges, these living areas are typically located off the bedrooms, replacing wasted hallway space between bedrooms. Upper level living areas don’t necessarily replace the lower level living rooms, they simply offer a more casual setting for family gatherings.
Bigger Yards Over Bigger Homes2. According to a survey conducted by Wakefield Research on behalf of Taylor Morrison Homes, 56% of buyers said they’d be willing to sacrifice square feet inside the home for larger outdoor spaces. Particularly in warm weather climates, buyers prefer a blended indoor-outdoor living area, as well as the added buffer such space can add between neighbors.
Two-Toned Kitchens A Hot Trend3. Two-toned colored kitchens are trending up in popularity among homeowners, according to the 2017 Kitchen And Bath Design Trends survey conducted by National Kitchen And Bath Association. Gray-toned cabinets with white backgrounds are particularly popular, but other colors are getting mixed in too. For example, the cabinets may be white with the center island contrasting in gray-tones, or upper and lower cabinets may be different colors for contrast.
New Freddie Mac Program May Skip Appraisals4. Mortgage giant Freddie Mac has introduced a new program that may allow some buyers to skip the traditional appraisal process, saving buyers as much as $500 in fees and shortening the escrow period by as much as ten days. By leveraging big data and advanced analytics, as well as 40-plus years of historical data, we’re cutting costs and speeding up the closing process for borrowers,” says David Lowman, Freddie Mac’s executive vice president of single-family business. The new program, labeled Automated Collateral Evaluation (ACE) will determine a property’s collateral risk from data pulled from multiple sources, including the Multiple Listing Service (MLS), public records and historical home values. The ACE program will also factor in a buyer’s credit to determine whether the quality of the loan is acceptable. The ACE program begins September 1st for home purchases.
If you’d like to know what your property is worth in today’s market with no hassles and no obligation, please contact one of our Dominion Group Properties’ Real Estate Professionals at 928.468.3232 or visit us at our Bison Ranch office in Overgaard. Learn more about us at www.dgp-az.com or scan the QR Code to visit our website on your smartphone now. We at Dominion Group Properties are Your Rim Country Real Estate Professionals!
The Wall Street Journal, August 23, 2017
2017 Taylor Morrison Consumer Survey, August 15, 2017
Home Trends, by Melissa Tracey on July 17, 2017
“Freddie Mac Extends Appraisal-Free Mortgage Program to Purchase Loans,” HousingWire (Aug. 18, 2017)