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14 real estate trends Gen Z buyers are looking for

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Baby boomers and millennials have dominated the home-buying conversation in recent decades, but a new generation of homeowners is browsing online listings, heading to open houses and planning their home-buying budget.

Gen Z — born between 1997 and 2012 — is making waves in the market with their approach to homebuying. Here are 14 real estate trends Gen Z buyers won’t pass up.

1. Smart home technology is not optional

Gen Z marks the first generation of true digital natives. This group was raised on technology and expects their homes to be outfitted accordingly.

Gen Z homes should come standard with smart-home technology, such as smart thermostats, motion-sensing security systems with notifications, and lighting and environmental controls that can be adjusted from a mobile phone. Voice-activated assistants, such as Alexa or Google Home, are also a plus. 

Gen Z is a mobile-first generation, so all tech needs to be optimized for their devices. This applies to marketing available homes on the market. To capture Gen Z’s attention, make sure there are options to communicate digitally and that virtual home tours are available on demand.

2. Gen Z likes to stay close to home

With the continued trend of remote work and little desire for a long commute, Gen Z buyers are moving to homes in walkable communities with nearby amenities. Full-time or part-time remote workers in this generation might even go for smaller homes near coworking spaces or business facilities.

3. Gen Z wants a separate space for business

One thing Gen Z likes to keep behind closed doors is their work. For those who work remotely full time and can’t utilize a coworking space, a dedicated home office is a must. A home office doesn’t need to be extravagant, but being able to shut the door on a workspace when the day is done is a must for a generation that strives to accomplish a proper work-life balance.

4. Gen Z prefers an open floor plan

Gen Z likes the flexibility that open floor plans provide, and they feel better about their homes when they are open and expansive.

5. Outdoor space is important

Another side effect of the pandemic is a desire for functional, comfortable outdoor space. A balcony, patio, terrace or rooftop deck is a huge draw for a generation that views these spaces as a place to relax, entertain and maintain a small garden.

6. Sustainable, energy-efficient homes are not optional

Gen Z buyers prioritize eco-friendly and energy-efficient homes. This generation wants to save money on utilities, but they also want to do what they can to be more gentle with the environment.

Gen Z buyers will look for homes with solar panels and energy-efficient appliances and finishes. Bamboo flooring, recycled glass countertops and energy-efficient windows are all attractive incentives for the Gen Z buyer.

7. Inclusive communities matter

Gen Z is not like previous homebuying generations, who valued homogeneous neighborhoods with like-minded people. Gen Z values diversity and inclusivity. They want their neighborhoods to reflect their values and are more likely to seek vibrant, multicultural areas with a mixed bag of socioeconomic inhabitants.

As a result, they might be more open to neighborhoods in transition or those being managed and improved by community-based organizations. 

8. They need more affordable housing

Even though Gen Z buyers are mentally ready to become homeowners, the financial challenges associated with buying a home are real. Although some enterprising and lucky Gen Z home buyers locked in incredibly low mortgage rates during 2020 and 2021, those who weren’t ready to buy now have to contend with interest rates as high as 8%.

In addition to high interest rates, low housing stock means homes are still expensive. Consequently, Gen Z buyers may be open to alternative types of housing that their parents and grandparents shunned. Tiny homes, co-living spaces and shared housing arrangements are ways to reduce the cost of homeownership, as well as negotiating real estate agent commission.

9. Gen Z prioritizes aesthetic appeal

Gen Z is among the most visually motivated and stimulated generations. They love a beautiful space, and they believe the visual aspect of their home reflects who they are. Homes that are not visually appealing may not get attention from Gen Z, so agents should help these buyers see the renovating and redecorating possibilities to match their personal aesthetic.

10. Easy renovations are key

For spaces that might not be immediately appealing, Gen Z wants those that can be easily renovated. They prize move-in ready homes that can be updated with fresh paint, new flooring and modern fixtures. They aren’t necessarily interested in a property that needs a complete renovation.

11. Flexible design matters

Flexible design goes beyond rooms with multiple functions or a layout that can be easily changed. Think walls that can be knocked down or added without too much fuss.

12. Gen Z will move for the right home

Like their millennial forebears, Gen Z is willing to relocate for the right home. These moves are usually to more diverse coastal cities with employment opportunities and good walkability, but many in this generation are also moving inland to well-designed communities that are more affordable.

13. Gen Z buyers are more educated

When it comes to home-buying education, it’s not the college degree that matters. Gen Z is so comfortable and versed in the digital landscape that these buyers are some of the most educated clients. They know how to navigate virtual open houses, manage electronic documents and handle complicated internet searches. They come to agents knowing how to find and view homes, but they still have questions.

14. Gen Z wants professional guidance

Even with their digital capabilities, Gen Z knows that homebuying is a complicated, sometimes daunting, undertaking. From securing a mortgage to navigating closing, the entire process is fraught with potential roadblocks. That’s why this generation isn’t scared to ask for help. They are looking for affordable real estate professionals who understand them and their needs.

Get all the details at HousingWire.com

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Smells Like Fall! A Fall Stovetop Potpourri: Simmer Pot Recipe

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As the leaves begin to turn and the air becomes crisp, it’s the perfect time to infuse your living space with the cozy scents of fall.

A Pretty Life’s boiled potpourri recipe offers a unique and effortless way to achieve just that. By simmering a blend of fruits and herbs in water, you can enjoy the delightful fragrances of autumn throughout your home.

A Pretty Life’s perfect recipe takes these six readily available ingredients, combines them in a pot with water, and voilà! A gentle simmer on the lowest heat setting, and your space will be enveloped in delightful aromas!

Find more amazing recipes from A Pretty Life’s blog here

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Repurposing Unused Rooms Into Office Space

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In an era of remote work, creating a home office is an essential element of making your living space functional.

An office space doesn't have to take up too much room, and rooms sometimes can be found in unconventional spaces within our homes. Converting that unused extra bedroom or unnecessary storage room into a comfortable and productive workspace can immediately make your home feel more organized and professional. In this blog post, we'll explore how homeowners can repurpose their unused spaces and transform them into a comfortable and inviting office space.

Assess Your Space
Before you begin building a home office, assess your available spaces properly. An awkwardly shaped room might not provide enough privacy or space to work, so finding the right area for the office space is crucial. Consider things like natural lighting, overhead lighting and power outlets when selecting a space. Once you've determined a suitable space, you'll be able to purchase essential office furniture like a desk, chair and other necessary office equipment.

Choose the Right Furniture
The right furniture will make all the difference between a chic and productive workspace and an uncomfortable and disorganized one. Be sure to choose furniture that suits the available area's dimensions without overcrowding it. Consider investing in adjustable chairs and desks that you can tailor to meet your body's needs and preferences. Install shelves and cabinets for additional storage and decoration, as well as incorporate some personal touches such as family photos, artwork or your favorite motivational quotes.

Add Personal Touches
Your workspace will be a place where you spend a significant part of your day, so it should reflect your personality and make you feel comfortable and happy. Add personal touches like a comfortable rug, colorful curtains, statement artwork or even luxe office supplies. Pictures and decor that remind you of positive memories can boost your productivity and creativity, so feel free to add and rearrange items whenever you feel the need for change.

Update Your Tech
Ensure your computer, printer, scanner,and other devices are in working condition before setting up your office space. You'll need these devices to perform your work and communicate with your colleagues. Make sure you have a strong internet connection, and consider adding a dedicated phone or extension line to your workspace. Finally, ensure that you schedule regular tech maintenance days to avoid any unexpected technical issues that could disrupt your workflow.

Hire a Professional
If the concept of pulling together a functional and aesthetically pleasing office space feels overwhelming, don't hesitate to turn to a professional for assistance. Hiring an interior decorator or a space planner can streamline the office furniture procurement process, ensuring that you select pieces that are ergonomic, stylish and perfectly suited to your space. They'll take into account factors like natural light, space constraints and your personal style when recommending furniture. In addition, they can manage the logistics and installation, saving you time and stress. This investment can pay off in the long run by creating a productive and comfortable workspace tailored to your needs.

In conclusion, creating a home office in an unused space is a practical and innovative solution that not only maximizes the use of your living space but also promotes productivity and comfort. Remember to assess your space, choose furniture wisely, add personal touches, update your technology, and consider professional help if necessary. All of these steps will contribute to shaping an office space that is truly tailored to your needs and preferences. As we continue to navigate the era of remote work, having a dedicated, personalized workspace in your home can drastically enhance your work-from-home experience, making it more efficient, comfortable, and enjoyable.

Learn more at Rismedia.com

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How More First-Time Homebuyers Are Successfully Navigating This Challenging Housing Market

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More first-time homebuyers have been successfully navigating the extremely pricey and challenging housing market.

Despite the myriad obstacles in their way, first-time buyers made up about a third of those purchasing homes to live in, according to the National Association of Realtors® 2023 Profile of Home Buyers and Sellers. They increased from 26% in the previous year to 32% this year.

“It’s encouraging that we’re seeing first-time buyers edge back into the market,” says Jessica Lautz, deputy chief economist at NAR. They got a bit of an edge in the market as mortgage rates rose and other less determined buyers dropped out—or were priced out.

“It’s likely that because there was less competition they stood a chance to have their offer accepted,” explains Lautz. However, she points out that their numbers are still depressed.

First-timers typically make up about 38% of buyers. However, they’re now grappling with historically high home prices, mortgage rates that briefly flirted with 8% this year, and a dearth of homes for sale. Saving up for a home has become even more onerous due to inflation, pricey rents, and the resumption of student loan payments.

The report is based on an NAR survey of 6,800 buyers who purchased primary homes between July 2022 and June 2023. Investment and vacation home purchases were excluded from this report. Income data is from 2022.

First-time buyers were generally better off financially than they were in past years. They had a $95,900 median household income over the past year—up about 35% from $71,000 in the previous year.

The reason for that big shift: Only those first-timers with higher incomes could afford to enter this real estate market. With home prices and mortgage rates so elevated, they needed the extra money to afford the larger down payments and monthly mortgage payments.

“You have to have a higher income to be able to afford the housing market,” says Lautz.

“It looks like they’re essentially cutting spending anywhere they can to save for a down payment,” says Lautz.

They’re borrowing against their 401(k) accounts, selling cryptocurrency, borrowing money from family and friends, and using tax refunds and gifts from family members to achieve homeownership.

“They’re finding money anywhere they can, probably even under a couch cushion, to buy a house,” says Lautz.

Who is buying homes?

The question on the mind of many folks: Who is still out there in the housing market now that it’s become so expensive to buy?

The vast majority of those shopping for homes, 81%, were white. That was down from 88% last year. They were a median age of 49.

While more people of color became homeowners over the past year, they made up a fraction of all purchases: Just 7% were Black (up from 3%), 7% were Hispanic (down from 8%), 6% were Asian (up from 2%), and 6% identified as another race.

First-time buyers were more likely to be from communities of color, at 38%, compared with repeat buyers, at 17%.

Buyers tended to be coupled off, with dual incomes helping many to afford homeownership. More than half of recent buyers, 59%, were married couples, and 9% were unmarried couples. Nearly a fifth, 19%, were single women, and 10% were single men.

About 3% of buyers identified as gay, and 2% were bisexual.

Veterans were also active in the housing market. Roughly 16% of buyers were vets, and 2% were active-duty personnel.

Surprisingly, most shoppers weren’t buying homes to accommodate young children. About 70% didn’t have kids under the age of 18 living with them. Just 14% purchased a multigenerational home.

“It’s the lowest share we’ve recorded of households who don’t have children,” says Lautz.

Who is selling their homes?

When mortgage rates shot up, more than doubling over the past two years, many homeowners who were thinking about selling their homes reconsidered. Those who were able to lock in a rate in the 3% range or below didn’t want to purchase a new home at a much higher rate if they didn’t have to do so. That’s kept the number of homes for sale low, much too low for buyers.

However, some folks did sell their homes. They were generally relocating to be closer to family and friends or wanted a larger or smaller home due to a new marriage, divorce, or the birth of a child.

Sellers tended to be older (aged about 60) and married, and had spent about a decade in their properties before listing them.

About half did minor renovations, and 12% did major upgrades to get their home ready for the market. The rest sold their residences as is.

What kinds of homes are being purchased?

The typical home sold was a three-bedroom, two-bathroom, single-family home spanning 1,860 square feet in the suburbs. It was built in 1985.

Buyers continued to choose detached, single-family homes—these properties made up 79% of purchases. Townhomes and row houses made up 8% of purchases.

Most buyers purchased a previously owned home, and just 13% bought new construction. Existing homes are typically cheaper than newer ones, and there are more of them on the market. Those who sought out new construction generally didn’t want to deal with renovations or issues with plumbing and electrical systems.

About 47% of buyers closed on homes in the suburbs, up from 39% last year. Fewer buyers chose small towns and rural communities this year, at 23% and 14% respectively. Meanwhile, more people bought properties in the urban areas, at 14% compared with 10% last year.

“People are buying what is available, and that traditionally is a single-family home in a suburban area,” says Lautz.

Buyers typically didn’t go very far. They moved a median of 20 miles from their previous places—compared with 50 miles last year when COVID-19 pandemic relocations were still common.

Learn more at Realtor.com

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48 of the Most Clever Tips Real Estate Agents Have Shared With Us

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When I was buying my first home, my mom nudged me to put in a significantly lower bid on a townhome I really wanted.

“Do that, and you’ll lose out on this home,” rebuffed my tenacious real estate agent, who was intimately familiar with the comparable properties in my neighborhood. Mom, as it turned out, didn’t know best in this instance. But my real estate agent did, and my offer was accepted. 

Great real estate agents are like the captains of your home-buying team. If I had lowballed the offer, I would have probably lost the house — and done so in an attempt to save about $10 to $20 a month over the life of a 30-year loan. 

At Apartment Therapy, we interview a lot of real estate agents on topics that range from TV placement to tips for first-time buyers. Here’s some of the best advice they’ve shared with us over the years.

On Home Finance and Budgeting

1. Your home loan could fall through if you open additional credit accounts while you’re pre-approved for a mortgage. So, hold off on opening that store credit card at the home improvement big box until after you’ve closed on your home loan.

2. Also, don’t change jobs while in the mortgage process. It could hurt your chances of securing a loan.

3. If you’re buying your first home, you probably don’t have the budget for your dream home, but you can make it yours along the way and build equity in the process.

4. A good real estate agent will not just care about how much you’re pre-approved for, but also how much you’re comfortable paying every month once you factor in things like maintenance and potential HOA assessments.

5. Bidding wars are prevalent. But to prevent heartbreak in the homebuying process, look at homes that are on the lower end of your budget so you have some wiggle room to make counter offers.

6. Zestimates have a margin of error. Your real estate agent should know the nuances of a neighborhood and be well-versed in looking at comps, or comparable homes in the area, to determine whether a home is priced correctly.

7. If you don’t have great credit, work with a mortgage broker who might be able to find some alternatives to the conventional loans offered by banks.

8. You’ll hear a lot of chatter about interest rates and inventory. But the best time to buy a home, really, is when you can afford to do so.

On First-Time Buying

9. Refrain from making much commentary about a home while you’re touring it because homeowners could be eavesdropping via smart home technology or nanny cams.

10. Talk to neighbors before buying.

11. If a home meets 85 percent of the requirements you’re looking for, make an offer.

12. Keep a poker face when you’re touring homes. If you seem too enthusiastic, you lose some of your negotiating power.

13. Don’t skip a home inspection, and ask for seller concessions to help compensate for imperfections.

14. When you’re interviewing real estate agents to hire, you want an agent who doesn’t shy away from hard conversations.

15. Take a look at the home’s floors; they tell you a lot about how well the property has been cared for and its condition.

16. Don’t get too overly attached to a listing, because it can prevent you from making good business decisions.

17. Real estate agents want you to have a pre-qualification letter; it sets you apart from the  looky-loos who aren’t serious about home buying.

18. Don’t use the bathroom at open houses. 

19. An escalation clause can help you win in a bidding war without going over your budget.

20. Pay attention to the seller’s disclosure. This document spills the tea on past problems, like leaks or pest problems, that buyers should know about.

21. Don’t want photos of your home’s interior floating around online after you’ve moved in? You can ask the listing agent to take them offline.

22. HOAs are notorious for having some ridiculous rules, so make sure to read them before signing on the dotted line. Still, many of those rules can actually help protect your home’s value.

On Design

23. While trendy, barn doors can pose some significant livability challenges: They lack sound reduction, can be hazardous if you have kids and the rustic farmhouse look will clash with modern design elements in your home.

24. Natural lighting is great in a bathroom — you should seek this out. But if there aren’t any windows or a skylight, you could always add some lighting next to the vanity.

25. Floor-to-ceiling windows may be beautiful, but be prepared to pay for expensive, custom-made window coverings and special heat-protecting blinds.

26. Neutrals and calming colors are better in a bedroom than bold, bright colors, but you should really do what you like because the paint color in your bedroom has no sway on a home’s selling price.

27. Updating the hardware in a bathroom can go a long way, and doesn’t require new plumbing.

28. Instead of painting your cabinets (which can be quite time consuming) switch things up with a tiled backsplash, which can often complement older finishes.

29. Color-matching paint can be tough. If you love the shades that are in a home you’re buying, ask the sellers to jot down the paint colors they used. They also may have contractors they’ve hired that are familiar with the property.

On Home Staging

30. Busy backsplashes, dim lighting, and pots and pans hanging from the ceiling above a center island will make your kitchen look and feel smaller.

31. TV placement is based on personal preference, but if you’ve got a clunky old TV, it’s best to take it down before showings.

32. Buyers fancy a finished basement, but wood paneling and carpet in this area can date the subterranean space.

33. Loud paint colors, whether on the walls or cabinets, can deter buyers.

34. During the pandemic, kitchens, closets, and dining rooms started doubling as offices. But repurposed rooms can actually deter buyers, especially if they want to think of their bedroom as a place of relaxation and see an office set up in the closet.

35. Have a musty basement? Try a product called DampRid to help absorb the moisture and eliminate the funky smell.

On Selling

36. Buyers want to smell fresh air when they tour your home; not any artificial scents from candles or air fresheners. 

37. Selling a home is an emotional process, but don’t let your love for your home cause you to price it higher than the market dictates.

38. Whether you’ve got broken-down appliances or have noticed water spots indicative of a leak, real estate agents want you to disclose any and all defects to them. 

39. If the listing photos show your home staged, make sure that’s the way your home looks during showings.

40. Despite how easy and fun it looks on TV, the fix-and-flip process is much more difficult IRL.

41. The number nine can be your friend. Pricing a home at $499,000, for instance, can feel like a bargain and it will attract buyers who set their upper limit at in the 400s versus the 500s.

42. Certain characteristics can subtract from your home’s value. Some notorious comp killers include having a home that backs up to a landfill or highway. 

On Curb Appeal 

43. Boxwood shrubs and border hedges are outdated when it comes to curb appeal.

44. Neutral and natural colors are the best colors to paint your house.

45. The formula for great curb appeal includes a good pressure washing on the home’s sidings, plus giving your front door a fresh paint job, putting out a welcome mat and adding some flowers or  plants. 

46. A storm door makes your home less inviting. 

47. Your garage door is a major part of your curb appeal, and buyers notice things like oil stains, shabby doors, and squeaky hinges.

48. Lamp posts are charming — and are once again popular with homeowners.

Learn more at ApartmentTherapy.com

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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