Changes in the Market and the Flexible Home
Mark Kravitz, Global Real Estate Advisor
ONE Sotheby’s International Realty
As millennials come of home buying age, different paths to ownership and a shift in what buyers want means that today, an ideal home should be flexible, with interior and exterior spaces that can wear many hats.
Raised in a time of instability in the economy and housing market, millennials are taking longer to buy a home, and when they do they want one that will last them longer and offer more financial stability. Homes with flexible spaces offer a way for buyers to find a more secure path to homeownership.
This, in part, has caused a rise in the popularity of multigenerational living — increasing the desire for homes with features like a guest bedroom suite. Living under one roof is also a practical alternative for many younger millennials with baby boomer parents. Grandparents, parents, and children can have their space in a flexible home, while saving money and still sharing family dinner together. With the rise of home sharing companies like AirBnB, an extra room can also provide an additional source of income for homeowners.
Homes are also smaller than they once were, and with that buyers want spaces they can use for multiple purposes. Gone might be extra space for rooms dedicated to a single purpose, like the home cinemas and game rooms that were once popular. Today, buyers want a room that can be everything from a home office to a bedroom for the kids returning from college. Flexible spaces that can serve multiple purposes are what fit the needs of today’s buyers.
Today’s most desired homes offer a little of everything. The ideal home has shifted, and today a smaller home can serve a bigger purpose and last the whole family even longer.