In 2020, home sales, home prices, and mortgage applications all soared. That also means the inventory of homes are at an all time low. Builders have been attempting to keep up with the shortage of homes by starting new construction projects. According to the Census, since October 2019, residential builders have been building 41 percent more homes year-over-year. Real estate agents have even shared that buyers are willing to pay as much as $50,000 over the listing price.
For home builders and residential developers, now more than ever, it’s the time to make sure your builds have the latest and greatest when it comes to materials, technology, floor plans, and more.
In no particular order, here are the top trends home buyers are looking for:
Out with the old...
The word “aesthetic” has been a buzzword that has been redefined to mean “on trend”. The “aesthetic” home buyers look for is no longer warm tones, rustic chic, or farmhouse- it’s asymmetrical, industrial, and minimalistic.
Buyers don’t want a manufactured look to their home. They want something that fuses technology and nature. By using textures like metal, wood, stone, or recycled plastic your homes can appeal to the modern buyer. It’s also important to know that clean lines are preferred. Traditional rounded edges of counters, carpeted stairs, circular knobs are out of style.
Black is the new black.
This year, there is no new black. Continuing from the industrial style and minimalistic trend, buyers want clean colors such as black, white, and a subtle pop of a natural tone. These types of colors make the color scheme of the home easier and more affordable to customize over time. They also provide a look and feel that suggest high-end, even when it’s not.
Benjamin Moore calls “Aegean Teal” the 2021 color of the year suggesting it makes the home feel ready to “settle in”. It also mimics natural, soothing colors, which is important in the look/feel of homes, too.
Maximize the feeling of space.
This trend has been maintained for quite some time and isn’t expected to be going anywhere. Open concepts homes can make even the smallest of floor plans feel large and functional. In many homes, the first floor contains little to know separation between rooms with the exception of bathrooms and storage. No matter age, open concept homes make it easy to transition through different life stages making the investment seem more appealing.
There’s a device for every part of the home- smart thermostats, smart lighting, smart locks, smart doorbells, etc. With more builders making smart home devices a standard, it’s key for builders to begin standardizing with a full system. It’s one of the easiest and affordable upgrades to different homes from competitors and from other homes on the market.
While smart thermostat and energy saving/monitoring systems are all the rage, the materials a home is built with matter just as much. Homes that are built for efficiency using methods and materials such as a tight building envelope, interior and exterior insulation, and air sealing, help contribute to lower energy bills and heating.
In addition to this, buyers are moving away from traditional energy sources and leaning towards green building and renewable ones. Solar panels are becoming more affordable and efficient, which means in a new home build, it’s a big bonus if they are already installed.
Buyers are not only looking for these “trends”, but they’re also willing to pay more for them. By implementing just one or two of these trends, you unlock additional appeal and interest from buyers. If you have any questions about your smart home strategy schedule a consultation or demo with our team.