2019 Real Estate Trends
Here are the three top home trends you’ll see in 2019
1. A Shift In The Frenzy
It’s no secret that the real estate market in Grand Rapids has been at a frenzied level for the last three years. (The entire country is noticing, too) Experts are expecting to see a shift in the urgency that has surrounded the West Michigan market, with less of a demand for homes as well as an increased inventory.
This can largely be attributed to several factors. The first factor being the increase in mortgage rates. This increase to nearly 5.4% on conventional loans is not as high as we have seen in the last decade, but higher than we have seen in the past, and will certainly cause new home buyers to pause before joining the hunt for a home. The second major factor is an increase in inventory. In recent years, market inventory levels in West Michigan have been at record low levels. Because of the slow down related to increased mortgage rates, we can expect homes to be on the market slightly longer, and to enter into fewer multiple offer situations.
2. More Millennials Than Ever
If you are a seller you’re going to need to appeal to the younger demographic. If you have any seriously dated rooms, you’ll want to update them to appear to a younger demographic. If you are a buyer, in this sellers market, you will most likely be competing against other Millennials for homes. In multiple offer situations, where the sales price is already at the top end, you will want to have adequate savings so you can put a larger down payment and cover your closings. This will give you an edge against other buyers in similar situations.
3. A Shift In Colors And Decor
This is the year of “greige”, a combination of the colors gray and beige. It’s no secret that gray has been having its moment the last few years, but there is a slight shift in the demand for grays. The trend is turning away from cold grays, and more towards warm grays. For example, everyone seems to have heard of the paint color Revere Pewter. This is a perfect example of what is on trend for home colors in 2019. So much so that my wife and I painted our entire main level living areas this color. It truly feels as though it will match everything, and (hopefully) be relevant for several years to come.
Also, there has been a slight shift away from farmhouse style decor. If this is how you have decorated and loved your home, take no offense, because what matters most is that you love the way your home looks. But if you’re looking to make a few changes to your decor to appeal to buyers, a more modern, simplified look with natural textures is what is trending now, and is what will appeal to more buyers.
Click here and connect with Josh to discuss how these trends impact you and your family in 2019