With inflation back down to 3%, the slowest pace in more than two years, the Fed has indicated that it plans to end its cycle of painful interest rate hikes.
That means that next year, mortgage loans might become attractive enough for homebuyers to flood the housing market with new demand. So if you’ve been waiting for the right time to sell, 2024 might be your year — but now is the time to make sure your home reflects how trends have changed since the last time people could afford to borrow money.
GOBankingRates spoke to a variety of experts who gave the inside scoop on the design and décor motifs that will make your house a hot property — and which ones are yesterday’s news.
The ongoing rise of telecommuting and online education means more and more buyers need to strike a work-life balance despite working where they live — and in the post-pandemic world, rigid home layouts just don’t cut it.
“As remote work continues, homebuyers are looking for flexible spaces that can serve multiple functions,” said Brad Smith, the CEO and lead interior designer at Omni Home Ideas in Dallas. “An office during the day, a workout area in the evening and a cozy reading nook at night.”
Interior designer and home and furniture expert Elizabeth Grace, founder of Dream Home Making, agrees that functional, adaptable layouts will be a hot commodity.
“The concept of multifunctionality will become increasingly prevalent in the home design trends of 2024,” said Grace. “With the rising need for versatile living spaces, homeowners will opt for furniture and layouts that serve multiple purposes. Think foldable tables, modular seating and convertible storage solutions that maximize the functionality of every square inch. Creating adaptable spaces not only enhances convenience but also enables homeowners to make the most of their living areas, regardless of their size.”
The antithesis of versatile and adaptable spaces are purpose-built rooms designed for only one thing. In the post-pandemic market, they’re a recipe for low bids.
“Rooms dedicated to a single purpose, like formal dining rooms or media rooms, are becoming less popular as homeowners prefer flexible, multifunctional spaces,” said Smith.
Eco-conscious materials, features and systems that lower utility bills while minimizing planetary harm have been in vogue for years, and that trend is still on the rise moving into 2024 — go clean and green wherever you can.
“In 2024, homeowners are looking for houses that are environmentally friendly and can be customized,” said The Home Guidance founder Mohammad Ahmed, who earned a bachelor’s degree in interior design at the University of Minnesota in 2013 and works as an interior designer. “They look for environmentally friendly features such as recycled materials and energy-saving appliances.”
Maria Velniceriu, founder of lifestyle and home décor site MissMV, agrees that 2024 will keep the eco-friendly trend rolling.
“Homebuyers are increasingly interested in environmentally-conscious living,” she said. “Integrating sustainable features such as energy-efficient appliances, solar panels and green building materials can significantly boost a home’s appeal.”
If you’re looking for a way to boost your home’s asking price, you might be standing on one fairly simple and cost-effective renovation right now.
“While personal preferences vary, there has been a shift toward hard-surface flooring options such as hardwood and laminate,” said Velniceriu. “Homebuyers often prefer these materials due to their durability, easier maintenance and modern appeal.”
But there’s one hard-flooring option to avoid in 2024.
“Tile floors will be on the way out next year and high-end vinyl wood flooring is going to be in,” said Mike Gillis, a design expert and owner of the home remodeling company Renewed Life Properties. “We are seeing more homeowners move away from tile because they don’t like the look of grout or want to deal with the maintenance of keeping grout clean. Vinyl floors are easier to install and easier to clean. Tile will remain popular in showers but I think we will see fewer homeowners with tile flooring in 2024.”
Sustainability and eco-friendly materials are a good start. But if you really want your home to spark bidding wars, don’t just design with the natural world in mind — make it part of your living space.
“One trend that continues to gain momentum is the incorporation of biophilic design principles,” said Grace. “This design philosophy seeks to reconnect us with nature by integrating natural elements into our living spaces. In 2024, expect to see an upsurge in indoor green walls, living plant installations and large windows that blur the line between the interior and exterior. Biophilic design not only enhances aesthetics but also promotes well-being and fosters a sense of calm and serenity within our homes.”
The love affair with homes designed to look like old factories has peaked, and you can bet on buyers looking for a gentler feel in 2024.
“One trend that’s slowly fading away is the industrial style,” said Stephen Robinson, founder of Only Oak Furniture. “While it had its moment, the harshness of exposed pipes and rough concrete finishes is becoming less appealing. People are now leaning toward softer and more comfortable designs that prioritize coziness over an industrial aesthetic.”
Also, while buyers still put a premium on tech where it makes sense, the IoT craze that left no device unconnected has been revealed as the robotic overkill it always was.
“Another fading trend is the use of excessive technology in home décor,” said Robinson. “We’re no longer seeing a strong emphasis on smart home gadgets and futuristic designs. Instead, people are seeking a more balanced approach, where technology seamlessly integrates into the background, without overshadowing the overall design and ambiance.”
More From GOBankingRates