Gray is the new black, 40 is the new 30, winning is the new losing, this is the new that, ‘and so forth’ is the new etcetera, and so forth.
Real estate, like anything else, goes through its own trends and transformations. We already threw our hat in the ring with some home design predictions in this post: ‘What Will Be the Next Pink Bathroom.’ So we thought we’d pull together a few more industry-related ‘this is the new that’ lists for your input.
Fall is the new spring. Fox Business recently covered this topic, and whether it’s a desire to be in a new home by the holidays, or pending tax implications of the New Year, there are many driving dynamics that make fall a hot market.
Spring will always be a popular time to put a home on the market, but fall is a selling season to be reckoned with.
Cost is the new price. The price you pay for a home doesn’t necessarily represent what it will cost you in the long run. The KCM Blog provided a handy infographic which shows the impact of interest rates on the cost of a home. Interest rates are at historic lows, and we are in the midst of mortgage-rate-mania. My first mortgage in 1981 was 18.5%, and while home prices may have been lower at that time, the relative cost was high.
Buying is the new renting. Renting may have had its glory day the past few years, when investing in real estate was unsteady at best. But with a housing recovery well underway, there are many, many reasons why buying is more affordable than renting today (especially in the suburbs west of Boston). Interest rates are low, rents are high, and supply is shrinking, to name a few.
Walkability is the new preferred parking. Today’s younger buyers are looking for walkability (one-third are willing to pay for the ability to walk), outdoor space but less lawn, open floor-plans, and less formality. Walking to town to run some errands and get a bite to eat is much more desirable than getting in a car, fighting traffic and circling for that elusive parking spot.
Bamboo is the new Mahogany. Which is to say, green, local, and energy- fficient choices are at the top of buyers’ lists these days. People want to feel good about doing something for the environment, but they also want to save money while doing so. Bamboo flooring is one example of this trend that is both cost effective and green.
Smart-homes are the new McMansions. Bigger is not always better, but smarter can go a long way towards making a house a more livable home. Smartphone-controlled homes allow people to run home appliances – from washing machines, to air conditioners, to security systems – remotely or from within the home from their mobile devices.
So that’s our list – what do you think? Any ‘this or that’s’ for real estate we have missed?
By the way, commenting on a blog is the new feedback ;)