An Eye on the Market

Keeping an Eye on the Market

8 HOUSING CONCEPTS BUYERS WILL BE LOOKING FOR IN 2019

After the wild ride the housing market went through in 2018, many builders are taking a closer look at who their clients will be and what they actually want in their homes. Now more than ever, homeowners want to enjoy an affordable space that is tailored to their individual lifestyles. To understand exactly where this next year will take us, we look toward the trends that are expected to lure buyers.

Affordability In early 2018, the housing market experienced a severe shortage. As home prices soared and mortgage rates dropped, sellers gained the upper-hand, but many homeowners decided to stay put. With this shortage of attainable housing, many markets faltered at adressing the missing middle–educators, healthcare workers and tradespeople–who often found themselves priced out of some existing neighborhoods, yet still needed homes. This presents a significant opportunity for home builders in 2019. Millennials will make up the biggest segment of buyers this year, and while first-time buyers may struggle a bit, move-up Millennials will be open for mid-to-upper tier price points.

Floor Plans for the Future With over 19 percent of the U.S. population embracing the benefits of multigenerational living, families are looking for home plans with universal design to meet the needs of several ages and lifestyles. More and more floorplans are beginning to include a separate living space for each generation or at least offer it as an option. These apartment-like add-ons may also have a separate entrance and amenities like a kitchenette. A few developers are even starting to advertise multigenerational dwellings as “two homes, one price” in an effort to attract more interest in the concept.

Teleworking With roughly 25 percent of Americans working partially from home and more expected to follow, builders and communities will need to consider accommodating this trend. This can be done by offering home offices or other flexible spaces and equipping the entire residence with smart-home technology. In some communities, builders are also offering community centers with amenities such as co-working space, internet cafés, package delivery, and outdoor WiFi parks with tables for laptops.

Interior accents Whitewashed minimalism was all the rage in 2018, but designers predict 2019 will see a shift to artisan colors and creativity in materials. Expect to see more colored cabinets and appliances as well as different textures (think gray matte appliances instead of stainless steel and leather drawer pulls instead of metal). Interior design will take on a more transitional style with metallics like gold, bronze and chrome making a comeback. Hardwood floors are expected to go lighter and more natural nudging out darker espresso shades.

Expanding Kitchens Yes, the center of the home is getting bigger. The emphasis for kitchen design in 2019 will focus on function and form–creating a usable space that is also inviting. As a result, kitchens will be bigger than ever, but the extra square footage will be devoted to features like expansive banquettes and oversized islands that work well for entertaining, rather than to work space.

Ceilings that Wow For years surfaces and finishes have led design trends, but in 2019, the statement ceiling has its moment as a focus for adding dimension and personalization to a space. Ceilings can be treated in a variety of ways from elegant trim details and reclaimed beams to wallpaper, tile and brick. By brining attention to the ceiling, people can appreciate the entire space more.

Living Smart Let’s face it–smart home technology is more than a trend, it’s a mainstay that adds immediate value to a home. As manufacturers compete to offer devices that control lighting, shades, audio, security, video and more, savvy builders are responding with a new standard in home construction.

Market Volatility While these buying trends help builders understand the direction to move in, the biggest difficulty for 2019 is predicting what will happen to the housing market overall. Rising mortgage rates, increasing home prices, declining optimism, a labor shortage, a jittery stock market, and a lack of housing for entry-level buyers leave many filled with uncertainty. But one thing is certain, trends change quickly and nothing ever stays the same!