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By Antonia DePace | December 21, 2016 | Home & Real Estate
2016 ends another hot year for the Boston-area housing and real estate market and 2017 appears to be heating up. We spoke with 8 local real estate experts on 2017 housing trends, from changing interest rates to smart home features you can't live without.
"I can tell you, we won't be seeing much dental molding in new construction homes next year. It's all about clean lines and simplicity. We'll be seeing dark wood floors, wide plank wood floors and on the décor side, wallpaper and textured wallpaper is back!"
“The Boston skyline is rapidly changing with new luxurious residential development. Some of these newly constructed homes will be completed or nearing completion in 2017, giving consumers many exciting options. Boston will continue to draw buyers from all regions and parts of the globe because of its premier academic institutions, world-class hospitals, and the growing pharmaceutical and biotech industries."
"We're going to see more rustic accents - think lighting fixtures, doors, copper hardware - mixed in with modern designs. Another trend we're predicting, which is unusual for Boston, is floor to ceiling sliding glass doors off family rooms that open up to stunning patios. Think California style. This layout is perfect for homeowners who like to entertain, especially in the spring and summer months to really take advantage of outdoor space.”
“Homeowners, particularly sellers of higher-end properties, are increasingly seeking skilled professionals who can implement creative marketing strategies to showcase and distinguish their homes from a sea of competition. Buyers will continue to seek homes that have been carefully maintained and updated, and given the stable employment picture locally, we will see growing buyer activity from millennials, especially highly educated professionals.”
"Sliding barn doors and French doors on rollers is a huge trend we're seeing for 2017. Interior barn doors in every shape and style made from reclaimed wood to frosted glass is huge right now. These doors are designed to cover pantries, walk in closets or master baths. A kitchen trend we will see in 2017, is waterfall islands, where marble will run across the top of the island down to the floor instead of using wood paneling as a base.”
“The Chief Economist at Realtor.com is expecting a strong year in 2017, particularly for metro Boston, which is one of the hottest markets in the country. Boston and Cambridge continue to be very hot. Inventory continues to shrink and buyer demand has not been satisfied. Though there are price ranges in which inventory is remaining on the market a little longer and, therefore, inventory is growing. Some segments of the rental market are seeing a slowdown in price increases, due to the amount of new rental buildings that have been completed in the last two years. This may cause some renters to remain in rentals a little longer, delaying their first home purchase. However, they are likely to be tempted by several more affordable, Transit Oriented Developments along the MBTA subway lines. The high end of the single family home market in certain suburbs is slowing down more than downtown.”
“2017 promises to be another active year for Wellesley and Boston metro real estate markets. While economic indicators point to interest rates moving away from the historic lows enjoyed in recent years, rates are still incredibly attractive for those buying and refinancing. It is still a fabulous time to be shopping for a mortgage. Overall, there tend to be more buyers chasing lower inventory at the lower price points creating a seller's market. Conversely, a number of MetroWest towns are experiencing a surplus of luxury inventory, particularly in the $3MM+ range, creating a buyer's market. These luxury property buyers are making a discretionary purchase (vs. 1st time home buyers who "need" to buy a house). These buyers are often school neutral, potentially looking in more than one town, and looking for the best value given their home search criteria and budget. One constant that will continue to ring true in 2017: whether you're buying or selling, make sure to work with a seasoned resident expert who knows your market inside and out. Who you work with matters.”
“Consumers who are searching for luxury properties will have choices and a great opportunity to own a home of their dreams. Homes that are updated and well maintained in premier locations near job centers and local amenities will continue to see the greatest demand. Properties with smart home features will continue to draw attention from savvy consumers who value tools that simplify tasks, save money and improve their day-to-day experience … Employment and the jobs market in the Boston area, fueled in part by the strong healthcare and biotech industries, is steady which bodes well for the housing market.”
March 24, 2017