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J. Lawrence Homes discusses 2012 real estate trends
Real estate trends for 2012
After several difficult years for the industry, many in real estate, including J. Lawrence Homes, are looking to 2012 with much anticipation. John Wozniak, president of Wheaton-based J. Lawrence Homes, sees the below four trends as emerging this year:
1.) Economics of owning (Buy now or pay more later): There are many optimists out there who say 2012 could mark the much anticipated bottom for the for-sale market. Historically low interest rates and deeply discounted home prices make purchasing more attractive than ever, but they can’t last forever. There are a number of economic factors that point to a potential housing recovery in the next couple of years, and when that happens, prices and interest rates will rise.
And something else to consider is that builders have significantly slowed the rate of building, which means there are fewer new homes available. When the market rebounds, demand will outpace supply, further driving prices up. The next 12 months will probably offer consumers the best buying opportunities for a new home in a decade. But after that, prices will go up and buying power will diminish.
2.) Concentrating on kitchens: Features like pantries, workstations and eating space have become very important to our buyers and I predict we’ll see an increased focus on the kitchen, just as we are seeing an increase in dining at home.
3.) Secondary bedrooms second to none: As predicted by J. Lawrence Homes, 2011 saw a change in buying habits, with more buyers saying they were selecting a home for the long-term. As a result, 2012 buyers will be paying more attention to features like secondary bedrooms.
Homes with small bedrooms or too few bedrooms won’t be attractive to buyers in 2012. Now that buyers are purchasing for the long term, they need that extra bedroom space.
4.) Streamlined space: While some have said the dining room is dead, and others say we’ve seen the last of the living room, those past predictions point to this floor plan trend for 2012 – streamlined space.
Buyers are interested in open-concept plans with a more simplified and streamlined design. Buyers want the flexibility of a great room or an open layout, rather than specific, individual spaces. That way they can carve out the space to function in a way that suits them best, now and in the future. It all goes back to buyers wanting a home that will work for the long-term.