Welcome to the BYTE, where we serve up the latest home and tech news from the last week for you to sink your teeth into.
This week we’re taking a BYTE out of the future of smart homes, the cost of building homes, virtual staging, foreign buyers, and what new home buyers want. Dig in!
The Forbes Technology Council took a look at what the future had in store for smart homes and what that means for builders and buyers.
What Are We Looking At?
Most likely a lot more smart homes. With builders such as Lennar, Pulte Homes, and more releasing their own smart home packages, we should expect to see more and more being offered. There will also likely be a shift in building that focus’ on plans and materials that allow wireless networks to be strong everywhere in the home to support more IoT products needing Wi-Fi access. The Technology Council is also predicting that LEED Certifications will lead towards stronger collaborations between builders, smart home tech companies, and alternative energy companies. They expect to see turnkey solutions for solar-smart homes to be released in the near future.
A Picture Is Worth 1,000 Words
Fixr.com released a graphic showing everything that goes into building the average American home. It’s based off the NAHB construction cost survey and the average single family home is: on a lot of 11,186 sq. ft., is 2,776 sq. ft. when finished, and costs $237,760 to build including labor. The most expensive parts of the home were the interior (28.6% of the cost), erecting walls, floors, and roof (17.3%), and the exterior facade (13.9%). The single most expensive cost was the framing of the home at $35,697.
Redfin took a look at the benefits of virtual staging. The NAR reports that 77% of buyers’ agents say that staging makes it easier for buyers to visualize themselves living in a home. Virtual staging takes an image of an empty room and puts rendered furniture in to fill the space. When done correctly virtual staging can help sell homes faster and for more money.
Total international purchases from April 2017 to March 2018 totaled $121 billion. This was a 21% decline in purchases from the year before. Lack of inventory and rising prices are being cited as the main reasons for the decline. Chinese buyers were the most active buyers, almost tripling Canadian buyers, who purchased the second most.
Want It All
Ashton Woods asked what soon to be home buyers are looking for in their next home and shared the results with all of us! They found buyers prefer natural wood cabinets over all-white kitchens. The size of the living space is more important than bedroom size. Also, 75% of people said they are more likely to select a builder that offers design options.
Excavator machine manufacturers are putting their excavators to the test and we all get the pleasure of watching these amazing feats.