09 Oct Are You Ready for the Evolving Housing Market?
It seems that everyone is finally in agreement that the housing market is recovering and we are through the worst time our industry has ever seen.
Does that mean everything has returned to the way it was? Not by a long shot.
So as we look forward to this ‘new’ normal there are trends that will most likely occur and impact our business.
According to Navigate-The-Channel.com, here are a few trends we can count on:
People will continue to stay in their homes longer. It seems like too many people bought a home they couldn’t afford and then wondered why they couldn’t keep up. Hopefully the lessens have been learned.
Universal design and aging in place will take off. This has become a very easy financial decision, as the cost to renovate a home for accessibility as you age far outweighs the cost to sell your home and move. Manufacturers and pros need to look at this as a huge opportunity.
Multi-generational living may be here to stay. This trend has become more than the Millennial generation moving home after college. In a growing number of families, the older generation is moving in with their children. Creating homes and products that work, in some cases, for three generations will be key.
Millennials take their time. For most of us, buying a home was something you strived to do. It meant you were an adult. The Millennial generation has a different approach home ownership. Starter homes may take a hit for a few years. Although there are plenty of hard working, financially stable 26-32-year-olds, they simply don’t feel the need to buy a home right away.
Yes, the housing market is really coming back, but it will be different and we all must learn from the past. What trends do you see becoming the “new” normal? Share by commenting below!