What's Hot in 2008!

It's here... Just what you have been waiting for!

The 2008 – What’s Hot List!

For all of you who flipped when I put granite countertops on the What's Not list, you can relax. Just because it isn't hot doesn't mean it is out - it means it is just something that is normal and expected these days. There are new surfaces but granite has become a classic finish that may never really go out of style.

Now, onward to 2008.

High Tech is where it's at. Hot items you might find are:

• Automation is Big...Appliances, lights, automated blinds, audio & video systems that can be controlled from the internet or your cell phone and sensor operated faucets.
• Flat Screen & Plasma TVs mounted on the wall.
• Mulitzoned Heating & Cooling.
• Home audio & video systems in multiple rooms.
• Home Networks & WIFI.
• Nooks off kitchens and bedrooms to hold gear.
• Home Offices with acoustic privacy, better natural lighting, even separate entry for clients.
• Special function rooms such as media rooms or home theaters, fitness rooms, kids or guest wings.
• Green Home designs with energy efficient products like tankless water heaters, geothermal heating & cooling systems, structural insulation panels, flooring products made of bamboo and cork.
• Libraries and quiet rooms, parlors and music rooms.
• Kitchens that offer counters where people can visit with the cook, they will be high-tech with flat screen computers and TVs mounted to walls. The kitchen is now the social hub.
• Illumination is taking on major interest and innovative designs are all the rage. Recessed lights, below cabinet lights with bulbs on dimmers, lights on top of cabinets for indirect illumination, and because of energy efficiency, fluorescent lights are also becoming increasingly popular.
• Bedrooms & bathrooms are growing. Master suite's featuring a breakfast bar with mini-fridge & coffee maker, a sitting area & workspace alcove with flat screen & fireplace, a bath with his/her sinks, toilets & closets, a spacious shower & bath with a flat screen. The bedroom suite becomes a separate & private living space.
• Backyards with outdoor kitchens, built-in granite countertops, grills & fireplaces. This will be a must for upscale homes in the coming years.
• Neighborhoods with walking trails, parks & recreational elements.
• 3 Car garages and then some.

What's Not

• Formal living rooms.
• Carpet in the common living areas.
• Dial up, cables & cords.
• Homes that are 5000+ sq. ft.
• Stainless steel appliances & granite counter tops in the kitchen - expected, classic but not necessarily HOT.
• Small master suites, small closets, small pantries.
• Homes with little flow, closed off spaces, floor plans that are not open and spacious in the common gathering areas.
• Cookie cutter neighborhoods with big vinyl boxes.
• Two car garages.
• Draperies & curtains & window dressings. Clutter, fluff & fru fru. Over decorating.

This year I took a look at what is to come. It has been interesting to learn more about the up and coming generations. Throughout the year I will continue to post more on this subject as I find it fascinating. Here are a few things that you will find helpful and interesting:

The tail end of the baby boomers, the 40 and 50 somethings thinking of their future are looking to homes with:

• spaces for the off to college kids to come home to
• living spaces for aging parent's who may need care
• master suites on the main level
• smaller lots with less groundskeeping
• large and upscale paired patio style condominium living with wooded views or greenspaces & golf courses
• communities with a night life - no more 5:00 early bird special dinners for this crowd

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With home buyers ranging from Gen Ys to Boomers, the preferences greatly vary, however one thing is attractive to both buyers, less home to take care of, pay taxes on, pay utilities on, eat up environmental resources, whatever the motive behind it the mutually inclusive features of a home desired by both generations are:

• Average home size of 2300 SF.
• Living rooms will vanish.
• Upscale homes will average 4000 SF.
• Home offices are a must. A study by CoreNet Global’s Applied Research Center finds that more than half of all employers surveyed say at lase 10 percent of their workforce works remotely, a 3 percent increase since 2007.
  

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Generation Y (those born between 1981 and 1999) are having a greater impact on our housing market and that impact will continue to grow. According to The Urban Land Institute (ULI), this generation is very different from their baby boomer parents, who sought to achieve homeownership as soon as they reached adulthood. Gen Y is more likely to wait. ULI reports that homeownershiop rates among those age 25 to 29 have risen but they are uncertain if the trend will continue.

Generation Y’s housing preferences include:

• urban locations
• designs with open spaces and ample lighting, plenty of glass
• culturally and ethnically diverse neighborhoods
• communal gathering space
• wireless access
• energy-saving features and eco-friendly finishes
• small yards, little exterior maintenance
• high tech & automation

More interesting facts on what our nation is shaping up to look like:

Forty percent of US households will be headed by someone 55 or older by 1012 and the over 55 population will reach 85 million by 2014 –NAHB report 50+ Housing Council.
The number of households in the 65-74 age bracket will grow by 4.5 million between 2005 and 2014, a 38% increase.

Boomers don’t need to move, they’ll change homes when their lifestyles change.

Hispanic Market growing strong…
“The Hispanic population grew by 3.3 percent between July 2004 and July 2005, , making it the fastest growing minority population in the country. Between 2007 and 2012, that population is projected to grow by 16.3 percent while overall population will grow by a mere 5 percent. Dr. Oscar Gonzales, director of the Gonzales Group in Houston , CRS Marketing to the Hispanic Consumer.”

39% of the current Hispanic population is under the age of 18, which means that many will be looking to purchase their first home within five to 10 years. The impact on the real estate industry is significant, says Gonzales. Hispanics usually rent for a few years but decide to buy because they need a larger home for their extended families, often made up of two or three generations.