As the impact of Coronavirus continues to dominate news stories, real estate trends continue to adapt as well. We have compiled a few news articles that highlight some of the recent real estate news stories.
Real Estate Becomes a Sellers’ Market:
A Yahoo News article states, “Existing home sales spiked by a record 20.7 percent in June, while rising prices cheer sellers, worry buyers — and frustrate renters whose ability to save for a down payment is crimped by rising rents” (https://news.yahoo.com/real-estate-sellers-market-sales-202112129.html). As demand increases, the lack of inventory on the market becomes a challenge for home buyers. When there is more demand than supply, the market operates as a sellers’ market. Nationwide, the median sales price rose in June, showing the state of the market as a sellers’ market.
Large Homes See Demand as a Result of Coronavirus:
In recent years, extremely large homes saw a drop of demand and interest. However, as a result of Coronavirus, many homeowners are now considering larger homes for the flexibility and space they offer. With more people working from home, educating from home, exercising from home, and enjoying free time at home, homeowners again see the value of more space and flexibility. Additionally, multigenerational family living may increase demand for larger homes. With college students and young adults moving back in with parents, or with elderly relatives moving in with younger families, more space may appeal. However, the overall preference lies with a “move up” in homes, not necessarily the “McMansions” of the 1980s and 1990s.
Top Instagram Home Styles:
This is a fun article that outlines some of the top Instagram home design trends. The most popular kitchen trend, according to a study by Wren Kitchens, is modern, followed by farmhouse. Granite countertops are the most popular feature of kitchens, followed by pantry cabinets. White kitchens are still the most popular color, despite increased interest in colors in the last several years. Take a look at the statistics: https://magazine.realtor/daily-news/2020/07/21/hot-kitchen-trends-according-to-instagram.
As always, we are available for any questions you may have on the state of the real estate market. If you’re considering any real estate changes, we would love to discuss options with you.