Emerging Trending Housing Topics for 2024

According to new research from Better Homes and Gardens Real Estate LLC, they are looking into 2024 to understand what and how people will be looking for in a potential home, which is usually their most valuable and precious asset. 

In this new commentary, Better Homes and Gardens Real Estate Professionals use expert opinions in their respective fields to discuss the top-10 trends that the market will see in 2024.

Top 10 insights for buying or selling a home in 2024, as highlighted by Better Homes and Gardens, includes:  

1. Understand that owning a home helps your overall financial picture. "Homeownership is the fastest and most reliable way to stabilize your housing expense and build wealth at the same time," says Doug Shepherd, Broker at Better Homes and Gardens Real Estate Champions. "The best advice for first-time buyers is that if you are going to remain in an area for more than two or three years, you should own it instead of rent."  
2. Start with an experienced real estate agent. "Speak with at least two brokers, as rates and fees can vary," says Gaetano Marra, Broker/Owner of Better Homes and Gardens Real Estate Gaetano Marra Homes. "Look for reviews. If you can't find any online in this day and age, there is likely a reason!" 
3. Determine how much you can afford. "A wise way to calculate what a buyer can afford is to spend 25% of their take-home income on the mortgage payment, inclusive of the principal payment, interest, taxes, and insurance," Marra says. 
4. Start with a starter home. "For most people, that is where wealth begins," says Jack Gross, President and CEO at Better Homes and Gardens Real Estate Cassidon Realty. "In some markets, that could be a one- or two-bedroom apartment condo. In other markets that could be a townhome or a small single detached ranch. In most cases, it's a home that is under the median price point for the local market." 
5. Condo or townhome? "It's important to evaluate the financial aspects of owning a condo or townhouse," says Dana Hall-Bradley, Realtor/Owner at Better Homes and Gardens Real Estate Fine Living. "A buyer should think about long-term plans and whether expenses associated with owning a condo or townhome are worth it in the long run. Will the home appreciate like a single-family home? Is it good for resale? What if there are assessments in the future? Can I afford them?" 
6. Build-to-rent homes are an emerging new solution. "Build-to-rent communities offer single-family, home-style living with rental agreements and amenities typically found in condominiums or apartment complexes," says Jan Carlisle, a realtor with Better Homes & Gardens Real Estate Paracle. "They offer a good compromise for those who have considered owning a home but either can't or don't want to take the plunge." 
7. Is new for you? "New construction homes are built with the latest energy-efficient materials and appliances, which can save you money on energy bills in the long run," says Steve Poulos, co-owner and broker at Better Homes and Gardens Real Estate Northwest Home Team. "Most new construction homes come with a builder's warranty, which means any issues or defects that arise within the first few years are covered by the builder." According to Jessica Poulos, Co-Owner and Broker at Better Homes and Gardens Real Estate Northwest Home Team, many new developments are built in previously undeveloped areas of a city or county, meaning there is likely less infrastructure nearby—think restaurants, shops, and schools. On the flip side, she says a new community could be a good indicator of the area's health and potential for growth, calling new construction a 'safe' bet. 
8. Thinking about selling? Focus on the outdoors. "When deciding on what outdoor projects to take on to increase that curb appeal, view it from a buyer perspective," says Scott Beaudry, Broker/Owner of Better Homes and Gardens Real Estate Universal. "I often suggest the acronym PLACE: Paint, Landscape, Appealing, Clean, Enjoy." Beaudry suggests pressure-washing the driveway, cleaning the roof, mowing the lawn, and adding edging around flower beds—projects that can often make a big difference in your home's perceived value. "The area does not need to be large or over-sized to attract a buyer," says Sandra Harvey, a Realtor with Better Homes and Gardens Real Estate Metro Brokers. "Some buyers prefer a smaller, beautiful space without spending a lot of time on the upkeep." 
9. What is downsizing and is it for you? "Downsizing can be a wonderful opportunity to create a home that fits your needs and supports your best life in your senior years," says Jana Adams an Associate Broker at Better Homes and Gardens Real Estate Wine Country Group. "With careful planning and consideration, it can be a positive and empowering experience and prepare you for taking on the new transition in your life." 
10. To-do list for moving into a new house. Tom Mallette, Broker/Owner at Better Homes and Gardens Real Estate Heritage, suggests preparing the home before moving in. "Having things like new paint and flooring installed when the home is empty is actually a great idea as it will make the vendors' jobs so much easier (and may save you money!) if they do not have to move and work around furnishings," Mallette says. 

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