Beginning of 2023, Zillow Research department released its result for “Top 5 Features Homeowners Wish to Have in 2023”. The result was quite surprising since there are some differences comparing to the past couple years.
Keep reading for the top trends and let us know if you agree with these must-have features for your home this year!
Backyard Rules… again!
For the longest time, home backyard has been overshadowed by other major components such as open floorplan, big kitchen, etc. However, the pandemic sure did change the relationship between homeowners and their homes in California. As California becomes more crowded overtime and the living spaces are getting smaller and smaller, having a backyard, once again, is a luxury due to the fact that backyard was the only outdoor space homeowners could truly utilize. As a matter of fact, backyards are mentioned in 20% of all Zillow listing descriptions.
The demand for a backyard, however, is only slightly ahead of patios and pools as well as the mentions for those two increased by 13% and 11% respectively in 2022. Zillow experts claimed that in 2023, homebuyers will have outdoor spaces higher in their priority list during their home search.
Kitchen Islands: The New Hype
An ideal kitchen does not necessarily need to be bigger. All we need now is to have a functional and spacious kitchen island to accommodate most of our needs without taking up too much of our floor plan by serving as a prepping station and even a quick snack area. My personal favorite would be a mobile kitchen island with 4 casters in the bottom, which homeowners can move them for different accommodations. In 2022, there was a 19% surge in kitchen island mentions in all Zillow listing descriptions.
Due to its versatility, design wise, kitchen islands can also serve as an accent piece in the kitchen since homeowners can decide to use either different countertops or finishes in paint colors / wood stains.
Mirrors Mirrors on the Wall
Even though I do not agree with this item entirely, the correct use cases of mirror do make huge contributions to how great and even spacious a home can look.
For a long time, having excessive mirrors in a home is considered an outdated concept. However, as living spaces in California become tighter, mirrors can create an illusion that makes a home bigger and brighter. And with modern design, mirrors with great frames can also provide luxurious feels. In 2022, mentions of mirror walls and/or ceilings increased by 12% in Zillow listing descriptions.
Shhh… Be Quiet! We Need More Privacy
Open floor plan had been a home trend for the past couple years (and I’m a fan of it still!). Yet, as people spend much more time indoor during the pandemic, many recognized the major flaw of having an open floor plan: privacy became an issue.
As remote work remains relevant post-pandemic, many people still live, work, and relax within the same space with their family members. The shared space eventually cause many disruptions due to a lack of privacy and quiet areas, especially for professional activities such as lectures, meetings, etc.
As the result, there was a 7% increase in mentions of private spaces in Zillow listing descriptions. In 2023, perhaps, we can expect to see an increase in demand for closed floor plan or at least homes with spaces that accommodate some sort of privacy.
DIY is Taking Over
With affordability slowly becoming a bigger and more common issue among young homeowners, many find themselves lookin for tutorials s on home renovations and improvements to gain more equity and home values overtime. These projects range from installing smart home devices to implementing a drought-resistant landscaping front yard and backyard.
Depending on the scope of the projects, some can be fairly expensive and may seem out of reach. However, with the right strategy and the right team, homebuyers can tap into their existing equity by exploring either cash-out refinance option or a HELOC (Home Equity Line of Credit). The idea of taking out a secondary loan on top of your mortgage may seem outrageous but like I mentioned, utilizing it correctly may help increase your home equity exponentially. Want to learn more? Feel free to reach out to our loan team at mortgage@chadvorealestate.com
This item is indeed my favorite of all. I’m a strong believer that all homeowners should be handy and ambitious enough to consistently improve their living spaces to be more efficient and sustainable. It definitely is a fun, healthy, and productive habit.
So do you agree with Zillow’s list? Feel free to leave a comment to start a discussion.
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