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By Jennifer | Agent in 60068
  • 9 Real Estate Trends for 2009

    Posted Under: Market Conditions in Mount Prospect  |  January 5, 2009 11:52 AM  |  2,315 views  |  No comments

    Excerpts taken from RISMEDIA, December 17, 2008

    I found this article online today and thought it was interesting in how it correlated to many of the Norwood offerings! It's great to be a trendsetter! What do you think of these nine trends?

    1. Less, With More. Single-family homebuilders are predicting the continued movement toward smaller homes, with many buyers opting for less square footage as a means of saving more. Buyers are also very energy conscious, which is another reason why builders who offer smaller homes might find themselves more successful going forward.

    2. The New American Dream. Homeownership has long been considered one of life’s benchmarks, so much so, that the concept earned the moniker, “The American Dream.”  Renting is still a viable option, with rent-to-own programs available from many builders to make home ownership a reality.

    3. Urban Suburban. For years, a new-construction home in the suburbs meant moving into a cookie-cutter subdivision. But according to many suburban developers, their focus going forward won’t be simply building homes, but entire downtowns complete with residential, retail, restaurants and more.

    4. Condo-MAX-iums. According to the National Association of Homebuilders, the average single-family home is 2,456 square feet. However, Chicagoland’s developers have noticed buyers - from young families to downsizers - are looking for the same amount of square feet when buying a condominium.

    5. Online Toolboxes. According to the 2007 National Association of Realtors Profile of Home Buyers and Sellers, 84% of buyers use the Internet to search for a new home. Taking a cue from these findings, leading Chicagoland residential brokerage firms will be taking their services a step further by enhancing their sites with user-friendly Web tools that do much more than list homes for sale.

    6. Common Ground. In the city, where green space is as high in demand as a parking space, some developers will start going the extra “yard” to give Chicagoans more outdoor community spaces.

    7. The Sure Thing. Immediate move-ins and completed homes mean the development or building is already established and there is no worry about what the 'future' will bring.

    8. The Resurgence of Rowhomes. Dating back to colonial Philadelphia and Boston, the rowhome is a hallmark of traditional city living.

    9. Creating Community. Many developers today are taking strides to form a sense of community among new residents before their homes are built - a trend that is expected to continue into 2009.

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