First-time homeowners and repeat buyers don’t pay much attention to the style of the new home they want to purchase. Typically, the first thoughts the buyer will have are, “Is the location good enough? Is the house affordable and practical?” Affordability has now become the main concern for many buyers, and the aesthetic appeal of different home styles has taken a back seat. However, we cannot blame people for being so cautious.
As it stands now, the price on property has been steadily increasing and outpacing the growth of income in many areas of the country. The reason why property prices in some states have been increasing is because of the dwindling number of homes available on the market. Homeowners are unwilling or unable to sell because the value of their home is much less than the amount owed on their mortgage. With the lack of homes for sale in the market, up-and-coming Millennials have been forced to accept renting over purchasing a home.
The Housing Market Boom
Some cities’ real estate markets have boomed in the past two years. San Francisco is one city that has seen 74% of homes for sale were sold within the first two months of the houses being on the market. Also, the return of homeowners purchasing more lavish homes is trending upward. There are a few different home styles on the market today, and some are more popular than others. A theme amongst buyers that is becoming more common is that they are seeking homes that have been built during a particular time period in history, or at least offer the same aesthetic.
For example, a Craftsman-styled house is reminiscent of the early 20th century’s arts and crafts movement. Homes for sale of this style have been the most popular choice for home buyers during the last quarter of 2014. Aside from Craftsman, other styles of homes include: country, traditional, modern, European, ranch, farmhouse, cottage, southern, and Mediterranean.
Of course, for some people, a style of home that is merely reminiscent of a time period isn’t enough for them- they want the real thing. Therefore, if you are a big fan of history, then a home actually built in 1817 just outside of Gettysburg might appeal to you. If this is true for you, remember that it is perfectly fine to purchase a home simply to satisfy our own taste in aesthetics and entertainment value, regardless of what the trend at the time may suggest.