May is a month of growth and celebration in Palm Springs. As we enter the fifth month of the year, the real estate industry & Platinum Star Properties is gearing up for a busy time. With more and more people considering buying or selling a home in this beautiful location, the market is expected to become more active.
Millennial Homeowners
New data released by RentCafe.cm reveals that the millennial generation has made a historic shift, with more homeowners than renters among them. After being known as the "renter generation" for years, millennials have now tipped the scale with 52% of them being homeowners, largely due to 7 million people in the generation who purchased homes in the last five years. According to the data, Gen Z, which includes individuals ranging from 11 to 25 years old according to Pew Research, is now the only age group with a majority of renters.
Backyards Are The Must-Have Home Feature for 2023
Zillow's home trends expert, Amanda Pendleton, suggested that the pandemic has permanently altered the way people want to live, leading to a surge in the popularity of outdoor features. This, in turn, is priming the backyard for a major evolution in 2023. As homeowners were forced to entertain outdoors due to the pandemic, they began to reclaim their backyards from their children or pets. Now, they're considering how they can use this space as an extension of their home in new and creative ways.
For home-sellers, having an appealing backyard is a significant advantage. However, there are ways to further increase the value of your property asset, regardless of whether you plan to sell your home now or in the future. Upgrading your outdoor space sooner rather than later has the added benefit of allowing you to enjoy it for a longer time.
According to Courtney Klosterman, home insights expert at Hippo, a home insurance group focused on proactive home care, investing in strategic upgrades to your yard can enhance your home atmosphere, improve your quality of life, and may even increase your home's resale value.
In this Platinum Star Properties blog, we'll explore how the backyard has evolved from a nice-to-have to a must-have, and suggest outdoor features that can make your yard even more attractive to potential buyers.
How to Upgrade Your Outdoor Space (for Yourself and for Resale)
Similar to staging your home, highlighting your backyard as a selling point is all about allowing potential buyers to envision themselves in that space. There are numerous ways you can achieve this by incorporating specific features to elevate the area.
Amanda Pendleton suggests that adding something as simple as a modest fire pit or going all out with an outdoor kitchen can make a significant difference. However, it's essential to note that you shouldn't invest in these backyard features solely for the purpose of selling your home. While these suggestions are useful to keep in mind when considering resale, you should also prioritize your household's preferences. If your family loves cooking s'mores together in the summer, setting up your yard to accommodate that activity is a great idea, as chances are other potential buyers will appreciate it as well. However, if your family won't make use of an outdoor fire feature, it's better to invest in something that you'll use and enjoy.
Millennial Homeowners
New data released by RentCafe.cm reveals that the millennial generation has made a historic shift, with more homeowners than renters among them. After being known as the "renter generation" for years, millennials have now tipped the scale with 52% of them being homeowners, largely due to 7 million people in the generation who purchased homes in the last five years. According to the data, Gen Z, which includes individuals ranging from 11 to 25 years old according to Pew Research, is now the only age group with a majority of renters.
Backyards Are The Must-Have Home Feature for 2023
Zillow's home trends expert, Amanda Pendleton, suggested that the pandemic has permanently altered the way people want to live, leading to a surge in the popularity of outdoor features. This, in turn, is priming the backyard for a major evolution in 2023. As homeowners were forced to entertain outdoors due to the pandemic, they began to reclaim their backyards from their children or pets. Now, they're considering how they can use this space as an extension of their home in new and creative ways.
For home-sellers, having an appealing backyard is a significant advantage. However, there are ways to further increase the value of your property asset, regardless of whether you plan to sell your home now or in the future. Upgrading your outdoor space sooner rather than later has the added benefit of allowing you to enjoy it for a longer time.
According to Courtney Klosterman, home insights expert at Hippo, a home insurance group focused on proactive home care, investing in strategic upgrades to your yard can enhance your home atmosphere, improve your quality of life, and may even increase your home's resale value.
In this Platinum Star Properties blog, we'll explore how the backyard has evolved from a nice-to-have to a must-have, and suggest outdoor features that can make your yard even more attractive to potential buyers.
How to Upgrade Your Outdoor Space (for Yourself and for Resale)
Similar to staging your home, highlighting your backyard as a selling point is all about allowing potential buyers to envision themselves in that space. There are numerous ways you can achieve this by incorporating specific features to elevate the area.
Amanda Pendleton suggests that adding something as simple as a modest fire pit or going all out with an outdoor kitchen can make a significant difference. However, it's essential to note that you shouldn't invest in these backyard features solely for the purpose of selling your home. While these suggestions are useful to keep in mind when considering resale, you should also prioritize your household's preferences. If your family loves cooking s'mores together in the summer, setting up your yard to accommodate that activity is a great idea, as chances are other potential buyers will appreciate it as well. However, if your family won't make use of an outdoor fire feature, it's better to invest in something that you'll use and enjoy.
Affordable Living In Palm Springs
