Homebuilders have been enjoying the benefits of a strong and stable economy since the Great Recession, but the housing market is changing fast. With the Fed reducing interest rates, mortgage companies tightening up restrictions, and fewer consumers even thinking about buying homes, national homebuilders are trying their best to appeal to a limited market. Those who can afford to buy a home are going to want to get the best deals and the most modern features. And nowadays, they don’t want wainscoting or fireplaces; consumers are interested in appliances that come with Wi-fi and Bluetooth technology, and HVAC systems that can be adjusted remotely.
Upgrading Homes in the 21st Century
A house may not be a home without the finishing touches, and in today’s market, it’s all about modern home technologies. With the emergence of home security and surveillance companies like The Ring, homebuyers don’t want to just feel safe and secure – they want to be in full control. Refrigerators now come with touchscreen technology, doors can be locked and unlocked with a smartphone, and even pools come with PH monitoring technology. With Home Depot coupons, homeowners are making their own custom upgrades but new home shoppers will gladly pay a premium to have it installed before taking possession. Homebuilders that want to stay in the race absolutely need to determine what new technologies are becoming standard in new constructions.
Technology is Critical to Millennials and Generation Z
As millennials get older, more and more are looking to start families and put down roots. While baby boomers still make up the majority of homeowners, younger generations are the primary demographic looking to buy new home constructions. Because millennials are notoriously frugal, they want the best home for their money, which means they are interested in all of the news technologies, bells, and whistles. Homebuilders need to offer technologically advanced features if they are looking to get the attention of these younger, more technologically savvy buyers.
Offering Homebuyers More Custom Home Technology Options Could Boost Sales
While there are still existing new constructions on the market, the inventory is generally quite low. This is very good news for homebuilders, as consumers wanting to spend high dollar amounts are more interested in customizations than what’s already available. Homebuilders that want to attract more buyers need to appeal to consumers who want a modern edge. With an emphasis on offering added extras like Google Home and wireless boiler thermostats, single-home builders can appeal to buyers who are used to living in high-rises and penthouses.
Most of the technologies offered in new homes are features and accessories, which means that they can be added on after construction is done. However, a lot of these technologically advanced features are pricy. Smart homes technology might be considered trendy to some, but it is absolutely essential to most buyers under the age of 40. And as this set of buyers continues to buy new home constructions at an increasing rate, these technologies are going to become the standard.