Selling your home while following industry trends can ensure a fast and successful sale.
Fixr, a company that creates remodling cost guides - polls influencers to find top trends within the building industry. Incorporating any of the trends below with the home you are selling, you can ensure your chances at a fast sale for maximum ROI (Return on Investment).
Gen Xers Lead the Shift Toward the Higher Income Group
It may, or may not, come to a surprise for you on whom drives the market currently. The influencers responses felt that Gen Xers are leading the way, with Millennials following as the second largest. Below represents, "Which age brackets are more likely to buy a single-family home in 2018?"
53% Respondents say Gen X are likely to buy a single-family home, while 34% of Respondents say Millennials will buy a single-family home in 2018.
Home Size Trends and Location
Current home size trends are falling according to U.S. Census data, and 21 percent of respondents also feel that people may begin downsizing as well. Homes measuring at about 1,100 square feet are beginning to surge in popularity. Below shows the representing graph:
It seems that 61 percent of respondents agree that the most popular size of home that people are looking to build is around 2,150 square feet.
This shift toward downsizing in properties may correlate to a trend in location, as 50 percent of influencers felt that homebuyers are looking at properties in urban areas.
It is still significant to see that 42% of Respondents find home buyers would prefer to build single-family homes in subdivisions.But it does beg the question to, "why does the bigger majority of homebuyers prefer to build in Urban Areas?"
Suburbs also get a moderate percentage of buyers, which lines up with the National Association of REALTORS®’ Buyer and Seller Generational Trends Report (the report shows results for purchase and sale of existing homes).
It is common that average sizes for homes are the most popular. Many influencers, however, feel that there will be an increase in the tiny house movement as well. More than half of respondents report seeing an uptick in homeowners wanting a smaller home. Minimalist lifestyles and a focus on travel were the two most common answers given as to why.
Open Floor Plans Continue to Grow in Popularity
While there isn’t a lot you can change about a house’s location or size to appeal to a wider audience, one thing that you can do to increase appeal is to open up the floor plan. Open floor plans have been trending for the last few years, and they are only continuing to grow in popularity, with 76 percent of influencers responding that they see it as a popular option for the years ahead.
To confirm this, the National Association of Home Builders has reported that more than 80 percent of new home builders are creating at least a partially open floor plan as well. An open floor plan automatically includes wider passageways and turning radiuses, which can open the home up to more potential buyers too.
Green and Energy Efficient Design
Green and energy efficient homes rank very closely to one another at 21 percent and 18 percent of respondents, respectively. Combined, nearly 40 percent of respondents say these are the features more buyers would like to see, coming in just behind more smart home tech.
Green building designs are continuing to increase in popularity, particularly those that can decrease energy bills over the long term. This includes solar energy, which has a current growth rate of nearly 105 percent, increased use of natural light in home design, and the use of recycled materials in any upgrade or design feature added to the house. We are shifting into a conscious society where cost-effectiveness is highly important in today's economy.
Homeowners most want to see Energy Star Rated appliances and home automation to help lower energy bills and increase the sustainability of the home. Although most homeowners may be highly focused upon lowering energy bills, sustainability of a home is something to be proud of as well.
The Great Outdoor Design Improves Curb Appeal
Adding landscaping can be highly beneficial to you and your home. Not only does it account for as much as 28 percent of a home’s value, but most influencers say that adding a backyard garden or porch (34 percent and 32 percent, respectively) are what homeowners are looking for most.
Patios also rank highly when it comes to the popular use of existing outdoor space, with 39 percent of respondents answering that they feel this would be a popular addition to most homes. Patios are relaxing, enjoyable, and great for your home.
Home Safety and Automation
In the wake of so many natural disasters, especially in Los Angeles, more homeowners are taking safety into account when considering upgrades to their homes. Fifty percent of influencers feel that a backup generator will be a popular addition to most homes, while fire alarms and sprinkler systems come in second place. Los Angeles in particular finds itself in wakes of fires recently. What better way to keep your home safe and secure than install fire alarms and sprinkler systems.
When considering making safety upgrades, keep in mind that for every dollar spent, you will save $4 after the fact, according to the National Institute of Building Sciences. Investments are important, and can truly shape the future of either your finances and livelihood.
As voice controlled automation continues to grow—like with devices such as the Amazon Echo and Google Home–a whopping 82 percent of influencers feel that artificial intelligence will be added to the majority of homes in 2018.
Making the home ready for smart home upgrades, such as including smart plugs, lights, and locks means that buyers can integrate their system right into the home on day one. It’s a growing feature that more buyers are finding attractive.
By paying attention to what most homeowners and home buyers are looking for, you can make more strategic decisions for selling homes in 2018. Use these and other data from Fixr’s 2018 trend report to get more out of every sale.
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