Whenever I am out showing homes to prospective homebuyers the word “trends” always seems to come up. My clients will ask, “What are the latest trends in real estate”? Are spacious backyards with an outdoor kitchens and fireplaces still in? Is grey and white still the paint colors for the interior of a house? Or what home trends will be hot for 2018? As you know, trends are an excellent way to predict things like homebuyer behavior over the coming months or years. Unlike a fad, which ends quickly, a trend is something that may continue on for 10 or more years.
Here is a great article written by Yuka Kato for ResMedia, about the top trends in 2018. Each year, Fixr conducts a survey of influencers within the building and design industry—those professionals who are helping to shape the trends that impact homeowners and homebuyers alike. This year’s survey results have shown some surprising (and not so surprising) trends that can use to help sell homes more quickly.
Smart Home Technology
The No. 1 trend influencers say homebuyers are going to be looking for in 2018 is smart home technology. Smart homes have taken off in the last few years with the introduction of systems like Apple Home and Amazon’s Alexa. Adding smart home features to a home makes it much more attractive to younger homebuyers who currently make up the largest population of buyers.
Adding smart home technology to a home costs around $5,000 to $9,000 on average, but can increase the value of a home by about 5 percent. Keep in mind that this is only true if the upgrades were made in the last five years; after that, the technology becomes outdated. The most sought-after items include smart lights and thermostats—which can reduce energy consumption—and security features like locks and cameras.
Open Floor Plans
The second most popular trend is a continuation from years past: the open floor plan. Particularly on single-story homes, open floor plans continue to be one of the most requested options among homebuyers, possibly because of the flexibility this type of floor plan offers. An open floor plan allows you to configure the space in ways that work for you, rather than working around what’s already there.
As long as you aren’t removing load-bearing walls in the structure, opening up rooms and removing walls can bring up to 60 percent ROI at time of resale, while also making the home much more attractive to today’s buyers.
Solar energy isn’t a new trend, but it’s one that’s making big gains in today’s market. In fact, homebuyers are much more likely to want to invest in a home with solar power today than they were just a few years ago. As energy costs continue to soar, having solar power available can be a very enticing option.
The national average cost to install solar panels on a home is between $20,000 and $25,000. The ROI on solar power does vary by state, but because the cost is usually offset over time by reduced energy costs, most people find the investment worth it in terms of decreased energy bills and how much more attractive it makes the home to younger buyers.
Voice Control Systems
Artificial intelligence (AI) and voice control systems round out the growing trends in the home-building and design industry. Nearly all influencers agree that smart home systems that are controlled via AI or voice will be one of the biggest trends of 2018. While the controller may be personal to the user—Google, Alexa and Apple Home are just a few of the offerings—the systems they can control (lights, thermostat, door locks and appliances) can all be added to the home and ready to use in a timely manner, making the property very attractive to new homebuyers.
If home sellers decide to make these changes in their homes, they might find their properties sell quicker. The good news is that many of these investments are quick and they don’t require a lot of invasive procedures to incorporate into their existing homes.
If you, your friends or family are thinking of making a move this year, give me a call or text 619.980.2738!
I’m here to help!