Friday, January 7, 2011

10 Real Estate Predictions for 2011

I was reading the Daily Real Estate News that RisMedia put out in December, and they had the “10 Real Estate Predictions for 2011”. I wonder how they will pan out over the next year..

1. Building is back. After 3 years of little or no new development, new properties are breaking ground again. I think you’ll find that true in Omaha..

2. Apartments continue to thrive. Some people like the benefits of renting, such as flexibility in housing commitments. Also a number of people just don’t qualify for a mortgage at this time and can wait it out in an apartment

3. Opting for established. Mega-communities in the exurbs are a thing of the past, where builders are moving toward smaller neighborhoods in established communities

4. Make it modern. Transitional and warm-modern design will be prevalent, clean line exteriors and open floor plans comfortable for the family and versatile for entertaining.

5. Buying for the long term. The idea of a home as a short-term moneymaker is essentially gone, so when people do buy, they’ll do it with the intention of staying put for closer to 10 years rather than 2-3 ( relocation buyers being the exception of course). Buyers want to be sure the home will suit their needs not only for now, but down the road , whether they plan to expand their family or become empty nesters

6. Upping the ante on amenities. Outdoor space will be of higher importance to many buyers, especially condo and townhome buyers, so folks can live with less square footage inside their home if they have a place to call their own outside, like an outdoor grilling area.

7. High-tech takes over. What? A smart phone app that controls their residence remotely?? We’re getting there!

8. Smaller homes stay the course. This trend is fueled by first-time buyers with smaller budgets, requiring smaller homes, more conservative mortgages, and higher down payments thus a home with a smaller price.

9. Green and gorgeous. No longer mutually exclusive, new products and forward thinking design have proved homeowners can have both.

10. Healthy homes. Indoor air quality, low VOC paints and adhesives, and healthier materials are more of a concern to people building homes, especially for those with small children. With our economy people have decided to stay put in their existing homes and invest in changes to make it look better and live healthier, like replacing old door and windows, and installing HVAC systems with better filtration.

These all sound reasonable to me and it’s what we are seeing on a day to day basis. What are your thoughts?


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