2012 marked a significant year for the housing market. It is expected in 2013 that we will continue to see a “recovery” in housing, as inventory diminishes and prices rise.
However, there seem to be some new trends emerging in the housing sector in 2013 that you might not expect. Check out these trends provided by Morgan Brennan in Forbes magazine.
- Financing – With the Federal Reserve buying up $40 billion worth of mortgage-backed securities per month, lending rates will continue to hover near record lows. These miniscule mortgages rates are continuing to entice qualified prospective buyers.
- Mom and Dad – More first-time homebuyers are receiving gifts or loans from family members for down payments.
- “Fix ‘Em & Flip ‘Em” – Companies have begun to offer “Fix ‘Em & “Flip ‘Em” programs that provide up to 70% of the cost of buying and fixing up a home, typically at 12% annual interest.
- Nontraditional lenders. – Nontraditional lenders are funding more and more large-scale projects over commercial banks.
- Hotel luxury – Builders are increasingly taking advantage of luxury residential offerings like high-end hotels in mixed-use high rise buildings. This allows residents to enjoy year-round travel-like amenities in the luxury of their own home.
- Pet friendly – Some buildings are taking pet-friendly to another level by offering pet service centers. Dogs can now receive walks, grooming and play dates all within the owner’s residence.
- Remodeling – The housing market will experience an increasing amount of home makeovers throughout 2013.
- Going green – Green homebuilding is expected to encompass as much as 38% of the U.S. residential market by 2016. Spending on green home technologies is expected to rise as much as $114 billion from $7 billion.
- Smart homes – The invention of Apple products has had a direct impact on home automation. Allowing homeowners to automate living spaces more effectively and for less money. Homebuilders say smart home technology is a frequent request among clients and developers.
- Online buyers – Online real estate sites have become immensely popular as more house hunters are turning to the Internet.
- Online real estate brokerages. – Digital real estate firms source listings from multiple listing services and offer in-house agents to broker deals. These one-stop-shops are catching on fast.
- Real-estate-centric social networking. – Sites such as Houzz.com, a design and home remodeling site that allows users to create idea books and source contractors, have become extremely popular.
What housing trends do you expect to see in 2013?