Guest post by Elizabeth Johnson
If there is one thing that is certain in this world, it is change; everyone and everything undergoes some form of change through the ages, nothing remains as it is. And so it is with the housing market – the trends vary according to public opinion and customer demand.
While big, large stately homes were in demand a few decades ago, the trend rapidly shifted to more compact and easier to maintain apartment blocks and condominium complexes. Yes, people with families do prefer to live in the suburbs where their kids have a backyard to play in and are not hindered by the traffic on the streets of urban areas. But what are the latest trends in housing?
Well, for one, there is a downturn going on in the realty sector, one that was caused by the recession that happened a few months ago, when jobs were lost and entire companies were forced to close shop and wind up operations. There are not many takers for houses that are expensive, and even though prices have in general come down, people are still wary of putting down their money for a mortgage. The demand is picking up however, because of the lower interest rates.
Baby boomers seem to prefer to move to communities that are specifically built for people of their age rather than stay on in their present homes. This may be because they are lonely and long for the company of other people their age or because they feel it will be a welcome change for them to live in a retirement community where everyone is of their generation and so on the same wavelength. This has driven up the demand for homes, apartments and condos in places like Florida where the weather is warm and where most geriatrics head for the last years of their lives.
And yes, the trend now is to move to apartments and condominiums rather than buy huge rambling houses that are hard to maintain and expensive to heat or cool.
While those with young children who don’t mind the long commute or have convenient public transportation at their disposal do prefer homes in the suburbs where the community is more close knit and conducive to family life, the ones who are single and involved in careers and professions do prefer small apartments that are inexpensive and easy to clean and maintain.
And even in this downturn, there is a demand for mansion-like homes, because those who do have the money to afford them were not too badly hit by the recent recession. Film stars and other celebrities are still buying and selling real estate like they have money to burn (which they probably do), so Hollywood and other parts of California do see a good deal of real estate being bought and sold.
Housing trends will change according to people’s ability to spend and their needs. Right now, it’s a case of being able to afford housing for most people, rather than choosing one that you actually like.
By-line:
This guest article was written by Elizabeth Johnson, who regularly writes on the topic of construction management degrees . She welcomes your comments and questions at her email address: elizabeth.johnson1@rediffmail.com
