While it is no longer a surprise that Colorado and much of the nation are experiencing improved employment rates, a growing economy, and a healthy real estate market- what is surprising are the oftentimes fluctuating trends that occur in real estate. While a trend is described as a general direction in which something is developing or changing, what’s interesting to discover is the rate of change at which these trends occur. While some trends are short-term, meaning they are presently occurring, or have occurred recently, (within two to five years), some trends are generational and last decades in popularity. By identifying the evolving shifts, changes, and progressive observations that occur in real estate, and deciding which trends will last, you will be better positioned to make sound financial decisions, whether you are buying or selling a home. Tune in and discover which real estate trends are here to stay.
Soft, Comfortable, Contemporary
Home design, furniture and accessories featuring a soft, comfortable and contemporary design are becoming increasingly popular throughout Colorado and the United States. According to the 2017 International Builder’s Show in Orlando, FL earlier this year, and recent surveys and research by Realtor.com, textures that are functional, comforting, and of a contemporary style, are trending. Incorporating more color into the home and testing out unique material combinations are also gaining in popularity, especially within more traditional homes that need updating without breaking the bank. Incorporating reclaimed wood beams, barn doors, and farmhouse sinks into the home are also trends currently en vogue.
Smaller Home Demand
With Millennials wanting to enter the real estate market, while remaining close to urban centers, the demand for slightly smaller homes and condos is trending. Smaller homes require less maintenance and are also typically very energy efficient- both appealing attributes to Millennials. Today, it is not surprising to see Millennials including studios and one-bedroom homes on their search.
Open Floor Plans
In general, wide open spaces may be the most desired feature that Buyers of any style are looking to enjoy. Higher ceilings, full walls of windows, and fewer hallways are desirable qualities associated with today’s coveted ‘open’ floor plans. Bungalows, modern, mountain-modern, and traditional, Tudor-style homes are also popular in many areas throughout Colorado.
A Place to Retire
Colorado ranks second in the country for retirement, according to Bankrate.com. In regards to healthcare quality, cost of living, low crime rates, cultural vitality, weather, taxes, and senior citizen overall wellbeing- the trend of retirement in Colorado is here to stay.
Baby Boomer Wants and Needs
Trending now, are Baby Boomers’ desire for smaller homes, simplicity, and healthier lifestyles; Square footage requirements are generally reducing by 20 to 50%, and Baby Boomers are looking to do more outside the home (but not yardwork). Lifestyles are changing! Baby Boomers are believers in real estate, with 80% owning their home and close to 25% owning at least one additional property such as a rental, vacation home, or land, according to Realtor.com.
The only thing constant in real estate in Colorado is that trends will continue to ebb and flow. LIV Sotheby’s International Realty has experienced brokers who can assist home Buyers and Sellers to stay ahead of the curve when it comes to identifying real estate trends and market shifts in Colorado, positioning them to make sound financial decisions when it comes to buying, selling or updating a home.