Despite the Mayan calendar potentially showing the end of the world on December 21, 2012, Americans are still committed to buying homes in 2011. March 2011 information has shown that activity in the new home sector jumped by 11 percent and generally speaking, industry insiders have been optimistic in regards to the spring selling season (HousingWire.com). Despite the marked uptick, the homes that have been constructed to save consumers' money are the ones garnering the most activity.
The current real estate market is flooded with an excess of properties for sale from new homes, real estate owned and a plethora of short sales. Regardless of how a home is being sold (either by lender or private seller), shoppers are focusing their attentions on some key amenities that will provide savings over the long term and those perks are impacting 2011 home buying trends (MSN.com)
Green Homes
Circa the turn of the millennium, McMansions featuring sprawling floor plans were the "it girl" of homes for sale. However, as the economy faltered and fuel costs continue to skyrocket, home buyers no longer want the burden associated with heating, cooling and lighting a larger home. Now the American Dream of home ownership has been cut down to size and not only are today's homes smaller, construction features including materials and appliances must be kind to both Mother Earth and King Cash!
In order to control the future expenses related to home ownership, 2011 home buyers are interested in properties that will control the costs associated with the task and less square footage. Some features popular with 2011 home buyers include green upgrades such as tankless water heaters, high-efficiency furnaces and boilers, energy-efficient triple-glazed windows, insulation, solar panels and appliances that sip energy. All these amenities need to be included in homes measuring 1,401 to 2,600 square feet as in a survey conducted by Trulia.com 55 percent of Americans now favor conservatively sized homes.
Turn Key Homes
Although Martha can coach people on how to make the perfect chocolate chip cookies, home buyers are no longer interested in investing that much effort into getting their home up to snuff. Buyers active in the 2011 marketplace now favor homes that are in solid condition and do not need additional financial resources to make living in them a reality.
This news is distressing in relation to the mounds of properties that are being sold as REO. Many properties that have reverted to bank ownership are sold in "as in" condition as the lenders simply want to minimize their losses as quickly as possible. While many foreclosure-turned-sales-listing are in fine shape, there are numerous properties that have been stripped down to the plywood by the former (and disgruntle) owners. Since it is a buyer's market, home shoppers are not interested in sinking the additional time and effort into those homes and prefer homes that are in good condition and ready for immediate occupancy.
Outdoor Living Spaces
Dining al fresco and enjoying fresh air have long been considered great American pastimes; currently consumers want those options readily accessible courtesy of their own back yards. Discretionary income of U.S. workers is usually spent on such frivolities such as entertainment, dining and alcoholic beverages. As shoppers continue to tighten their financial belts, those experiences are being shifted to the comfort of one's own home as a cost-saving maneuver.
Well-designed backyards, patios and decks can make a home listing stand above the competition. Those that feature screened porches, outdoor kitchens and fireplaces and fire pits have the selling points needed for today's aggressive market place.
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