Instead of playing the trade-up game, more homeowners are staying in their homes, upgrading kitchens and baths and building additions to accommodate their needs instead of moving into a bigger house, but there are also some early signs of an improving real estate market, according to a new survey of architecture firms.
More architects say they’re seeing demand for and inquiries about home-remodeling projects, including kitchen and bath upgrades and home additions. And an increasing percentage of architects say business conditions in the first-time buyer and affordable home market also improved in the fourth quarter of 2009, compared with the fourth quarter a year earlier, according to the American Institute of Architects’ Home Design Trends Survey. The survey of 500 residential architecture firms is conducted each quarter. Countertops
A net 28% of architects responding to the survey said they’re seeing greater interest among homeowners for kitchen and bath remodels, up from -16% a year ago, and a net 21% said demand for additions and alterations is improving, versus -14% a year ago. The survey figures are computed as the percentage of respondents reporting an improvement in business conditions minus those reporting a decrease.
Meanwhile, a net -4% of the architects surveyed said the market for homes for first-time buyers is improving, up from -65% a year earlier. A net -31% said the market for move-up homes is improving, compared with -71% a year ago.
The five most popular kitchen products and features, according to the survey include:
- Recycling center, a designated place to put cans, papers, etc., which could be in the form of a nook or even part of the lower cabinetry.
- Larger pantry space
- Renewable flooring materials
- Renewable countertop materials
- Computer area/recharging stations, dedicated to such tasks as recharging laptops, cell phones and PDAs.
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