The busy spring real estate season’s here, and in most of the country, it’s still a seller’s market.
According to Forbes, record-low inventory has made housing stock hard to come by — but the headwinds of 2023 are still blowing strong.
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Interest rates and home values remain high, which has priced many people out of the market, particularly first-time buyers. Sellers have a golden opportunity to cash in, but buyers are cash-strapped and cautious, so the surest way to squeeze every dollar out of your listing is to know exactly what those buyers want.
GOBankingRates spoke with real estate experts who outlined the trends pushing sale prices up in 2024.
Here’s a look at the kinds of homes they expect to fetch top dollar this year.
Tech-Heavy Smart Homes
According to RubyHome Luxury Real Estate research, seven in 10 buyers are actively looking for smart homes this year, and nearly 80% would be willing to pay more for a home populated with functional — not novelty — connected devices.
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“For most of 2024, homes with smart technology are likely to gain the most value,” said Nick Hedberg, realtor, contractor, home improvement expert and founder of As-Is Homebuyer. “For years there has been a rise in technology usage to make life easier. We have seen how this technology has embedded itself in our daily lives, so much so that we have Siri or Alexa in nearly every home, and smart appliances and tech-savvy gadgets that are controlled by voice or just one click of a button. The homes that have these built-in features, smart lights, or are in one way or another using technology will be the most valuable.”
Climate Change and Natural Disaster-Resistant Homes
According to Forbes, 18 climate disasters caused $175.2 billion in damage and killed 474 people in the United States in 2022. Unsurprisingly, more than 40% of the country worries that their homes will sustain severe weather-related damage in the next three months.
As natural disasters become more frequent and intense, buyers want homes designed to defend against Mother Nature’s increasingly cruel wrath.
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“According to a report by the United Nations, more natural disasters are to be expected in 2024 due to climate change,” Hedberg said. “The homes built in the U.S. are generally not designed in a way that can withstand the force of these natural disasters. This is why I think storm-proof and climate-resilient homes will be of the highest value in the future. No one wants their home to be destroyed in split seconds, which is why these precautionary measures need to be taken.
“I believe that houses with features like floating docked floors — which act as protection from rising floodwater — or are constructed with stone blocks to keep out natural fires or even wood to keep it cool in summer, are some housing designs that might increase the value of a home in 2024.”
Sustainable and Simple Homes
Even many buyers who aren’t worried about natural disasters damaging or destroying their homes are committed to buying properties built with sustainable materials and features.
“When we talk about climate, sustainability follows close behind,” said Hedberg. “Consumers are becoming more and more conscious of their impact on the world and climate.”
He cited a study from sustainable products industry research firm BRE, which found that 54% of consumers would prefer to buy a home with a sustainability stamp of approval.
“This clearly shows that demand for sustainable homes, which incur low costs, will gain traction in 2024.”
Practical and Functional Eco-Friendly Homes
At the intersection of tech-heavy smart homes and sustainable features and building materials are eco-friendly homes that reduce carbon footprints while lowering utility bills.
“In the coming year, homes with tech-savvy and eco-friendly features are expected to see significant value appreciation,” said Ed Brancheau, founder of Sunny Nest Homes. “We’ve noticed a growing demand for properties equipped with smart thermostats, energy-efficient appliances and solar panels. These features not only appeal to environmentally conscious buyers but also boost a…
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