Looking Ahead – Construction Trends in 2024 that REALTORS® Should Know
The real estate market is seeing a significant shift in construction trends. This change is driven by technological innovations, as well as a growing emphasis on sustainable practices, with a dash of luxury.
Likewise, there is a slight decrease in overall purchasing interest, influenced by mortgage rates rising to 8%, but the focus has pivoted to developing properties that appeal to a more affluent audience.
For realtors, understanding and adapting to these trends is crucial to remain competitive and effectively serve this evolving market. With more buyers looking to future-proof their investments, the following construction trends should dictate your moves in the market in 2024.
Key Construction Trends for 2024
The future of construction and real estate is undoubtedly heading toward an era of innovation and change. Here are some of the key trends to look out for.
Sustainable Building Materials
Sustainable materials are those that are renewable, have low carbon footprints, or are sourced from recycled or waste products. These materials are becoming increasingly popular in the construction industry, driven by a growing awareness of environmental issues and a desire for energy efficiency and eco-friendly living spaces.
Examples include bamboo, recycled steel, reclaimed wood, low-VOC (volatile organic compounds) paints, and anything else that’s already been utilized to fulfill safety standards.
Properties built with sustainable materials are often more attractive to environmentally conscious buyers. In fact, a survey conducted by Samsung UK indicates that 86% of movers would pay a premium for a smart home.
As this trend is also sweeping the US housing market, as a realtor, you can leverage this trend by highlighting these aspects in your listings. Focus on long-term cost savings and environmental benefits to appeal to a growing segment of eco-aware clients.
Smart Home Advancements
Smart home advancements are transforming how we interact with our homes. This trend encompasses a range of technologies that automate and enhance various home functions for increased convenience, efficiency, and security.
Examples of smart home advancements include:
- Smart thermostats. These devices learn your schedule and preferences for heating and cooling, making adjustments to save energy while keeping you comfortable.
- Voice-controlled assistants. Devices like Amazon Alexa or Google Home allow you to control various aspects of your home with voice commands.
- Home security systems. Modern systems offer features like remote monitoring, smart locks, and motion-activated alerts.
Smart home features are increasingly sought after in the real estate market. They can significantly increase the appeal and value of a property, particularly among tech-savvy buyers.
As a realtor, emphasizing these features in your listings can make properties stand out. Highlighting the convenience, efficiency, and security these systems offer can be a key selling point.
Modular and Prefabricated Construction
Modular and prefabricated construction involves assembling sections of a building, which are manufactured off-site, and then transporting them to the final location for assembly. This method has gained significant traction due to its efficiency and sustainability.
Modular and prefabricated construction has many advantages, including:
- Cost-effective. The controlled environment reduces waste and allows for more precise budgeting.
- Quality and highly customizable. Advances in design and manufacturing technology allow for a variety of architectural styles and layouts.
- Sustainability. The factory setting allows for more efficient use of materials, reducing waste.
These homes can be particularly attractive in markets where traditional construction is either too expensive or too slow.
3D Printing in Construction
This technology, also known as additive manufacturing, involves layer-by-layer construction of a building using materials like concrete, plastics, or composites. The process is guided by digital 3D models, allowing for precise and efficient construction.
Its main advantages over traditional construction include:
- Easy to design and customize. It is effortless to create complex, customized designs that would be difficult or impossible to achieve with traditional methods.
- Makes the process faster. Entire walls or structural components can be printed in a fraction of the time it takes to build them manually.
- Waste reduction. Traditional construction often results in significant waste. 3D printing minimizes this by using only the necessary amount of material, reducing excess and contributing to sustainability.
- Potential for remote construction. This technology is particularly promising for construction in remote or challenging environments. It could be used for disaster relief or in areas where traditional construction is difficult.
These properties often attract attention for their innovative designs and efficient use of materials. For realtors, this represents an opportunity to market unique properties that stand out for their modern construction methods and sustainable features.
A growing trend, especially among young professionals, is the construction of mixed-purpose buildings. These structures are designed to serve as both living spaces and informal working areas, not quite like traditional office spaces.
They cater to the modern lifestyle where work and home environments often blend. These buildings are designed to be future-proof, allowing for easy updates to IT infrastructure, such as adding servers or enhancing internet connectivity.
It’s part of a wide, environmentally-influenced trend of future-proofing buildings and reducing the need for large-scale alterations in the long run. From implementing regenerative reconstruction to carbon-neutral materials and maintenance practices, these dual-purpose
How the Trends Have Impacted the Real Estate Market so Far
These trends affect the real estate market differently, but it’s crucial to understand them all.
On the other hand, trends like modular and 3D printed homes show potential for more affordable housing options, which could attract a broader range of buyers. The real estate market is adapting to these changes, with a shift in buyer preferences towards more sustainable, efficient, and technologically advanced homes.
How to Leverage Trends for Enhanced Sales Strategies
A trend in and of itself isn’t enough to have someone choose your property in particular. Instead, you have to weave construction innovations into your marketing. So before launching a campaign, integrate trends into your campaigns by doing the following:
Highlight Modern Features in Listings
When marketing properties that incorporate trends like sustainable building materials or 3D printed components, it’s essential to emphasize these features in your listings. Highlight the benefits, such as energy efficiency, environmental friendliness, or innovative design, to attract buyers interested in modern and sustainable living.
Target the Right Audience
Different trends appeal to different segments of the market. For example, eco-conscious buyers might be more interested in properties with sustainable materials. Understanding who is most likely to be interested in these features will help you target your marketing efforts more effectively.
Be the Source of the Market Information
Stay informed about the latest construction trends and share this knowledge with clients. Hosting informational sessions or webinars can position you as a knowledgeable resource in the field. Networking with builders and developers who are using these trends can provide insights and potential collaborations.
It’s evident that the construction industry is at a pivotal juncture. Trends like sustainable materials, smart homes, modular construction, and 3D printing are shaping the future of real estate. These trends offer a chance to meet new buyer demands and be part of a movement toward a more sustainable, tech-savvy future in housing.
So it’s up to you to adapt or be left behind. But as you adapt, don’t forget to partner with an Embrace Home Loan Officer so your potential clients have financing options at hand to increase your chances of closing deals faster.