The other week I participated as a panelist at an event hosted by Snaidero Kitchens + Design and ChicagoAgent. The discussion was focused on what is trending in residential home design, which is a topic I could talk and think about for days! Here are my biggest take aways:
People are investing in their home versus moving
I’ve seen this trend anecdotally pop up in the past year, so it was interesting to hear others echo the same. Post-recession, people’s outlooks have changed. Instead of uprooting and diving into the unknown of a new property, people are investing in updating or refreshing their home, particularly the kitchen. And the math makes sense--instead of, for example, moving from a $400K home to a $600K, invest $100K into your current property and come out $100K ahead! As a result, I anticipate an uptick in mid-market property values.
Incorporate the kitchen
As a result of the recent trend toward open concept floor plans, buyers are now looking for kitchens that feel like an extension of the rest of the living space. This means less white and marble kitchens (since white cabinetry and marble are less at home in other rooms), and more texture and light grain wood. Islands with an overhang for casual seating are also a huge draw, as are built-in coffee makers to brew premium coffee at home.
Invest in kitchen appliances
We are to the point when high end appliances have become the standard for most buyers. Even $400K properties on up should feature recognizable brands that buyers covet. Interestingly though, as much as buyers care about seeing high end appliances in the kitchen, they care less about appliance branding throughout the rest of the home--washer and dryer, bathrooms, etc.
One thing is for sure--it is hard to keep up with the trends in home design, and that’s one of the reasons I love real estate so much!