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As we enter a new era of real estate design, the property industry is embracing fresh interior design trends that are shaping the way properties are presented. From vibrant colors and textures to sustainable materials, these trends are revolutionizing the world of home decor. In our recent data analysis and research, we had the pleasure researching and finding on different trends in real estate to out for in 2023. Let's explore some of the exciting interior design trends that are making waves in the real estate industry.
Real Estate Design Trends 2023
One of the most popular trends dominating interior design today is the use of bold colors and patterns. Homeowners are embracing vibrant hues on statement walls and incorporating funky patterned furniture, signaling a departure from the subdued color palettes of the past. This trend reflects a growing desire for self-expression and individuality in home decor. Deb shares her love for retro colors, a personal touch that adds character and charm to any space.
Sustainability is an increasing concern among homeowners, resulting in a surge of natural materials being used in interior design. Reclaimed wood flooring and bamboo furniture are just a couple of examples of the eco-friendly materials that are gaining popularity in real estate properties. These materials not only contribute to a healthier environment but also infuse spaces with natural warmth and texture, providing a unique appeal that synthetic alternatives cannot replicate.
As homes become smaller and more compact, the demand for multifunctional spaces has risen. Designers are creating versatile areas that can serve multiple purposes, such as guest bedrooms doubling as home offices or living rooms transforming into home theaters. This trend is all about maximizing space and meeting the diverse needs of homeowners, ensuring that every square foot is optimized for functionality and comfort.
Interoir Design Trends in Real Estate
Bathrooms, a crucial aspect for potential buyers, have witnessed a significant transformation in recent trends. A notable example is the rising popularity of multiple shower heads. As showers become a sanctuary for relaxation and rejuvenation, homeowners are investing in remarkable shower installations, even on modest budgets. Deb confidently predicts that multiple shower heads will continue to be in demand, as people seek enhanced shower experiences.
Vintage and retro-inspired decor is experiencing a resurgence in the world of interior design. Homeowners are embracing mid-century modern furniture and 70s-inspired wallpaper, evoking a sense of nostalgia and creating inviting spaces that feel cozy and lived-in. This trend reflects a preference for homes that exude warmth and character, rather than appearing overly staged or sterile.
Keeping pace with advancing technology, homeowners are integrating tech into their interior design. Smart home automation systems, integrated audio, and video systems are becoming increasingly prevalent in real estate properties. This trend aims to create functional and convenient homes, seamlessly blending technology with the overall design. The result is a harmonious fusion of aesthetics and innovation.
These are just a few of the new interior design trends revolutionizing the real estate industry. From bold colors and natural materials to multifunctional spaces and tech-integrated designs, these trends reshape our understanding of home decor. Whether you're a homeowner or a real estate professional, staying informed about these trends is vital to ensure your property remains relevant and desirable in today's competitive market.
Trends in Real Estate 2023
Emphasizing Indoor-Outdoor Connections
Public awareness of the correlation between our homes and our health has surged in recent years, further amplified by the pandemic. In the realm of real estate, this newfound consciousness has prompted a transformation in interior design, with a focus on wellness. But how do these wellness design improvements affect the value of our homes, and which features are builders prioritizing in new construction projects?
According to Mikaela Arroyo, Director at John Burns Real Estate Consulting's New Home Trends Institute, builders are now seeking ways to differentiate themselves without excessive costs, especially in today's price-conscious market. Features such as smart technology, health-oriented enhancements, and energy efficiency are carefully curated to provide the highest return on investment (ROI) for buyers.
A recent survey conducted by Arroyo revealed that an overwhelming majority of homeowners and single-family renters (93%) with a household income of $50,000 or more consider wellness an important factor. However, there is buyer confusion regarding the benefits of specific wellness features and challenges related to affordability.
The Growing Demand for Wellness in Real Estate
Although health impacts played a role in the choice of their current homes for less than half of the respondents (43%), a significant 73% stated that health considerations would be a determining factor in selecting their next home. Among mid-priced real estate, the only wellness feature considered a "must-have" is a connection to the outdoors. Air filtration systems also rank high on the priority list for this segment.
Amanda Pendleton, the home trends expert at Zillow, predicts a notable shift in the perception of wellness features in the coming year. As wellness becomes increasingly desired and accessible across various price points, these features will transition from being considered niche luxuries found only in high-end homes to becoming standard components of a "nice home."
The Impact of Wellness Features
Zillow's data reflects the growing interest in wellness-focused amenities. Listings mentioning wellness-related features have increased by 15% compared to the previous year. Non-toxic materials, antimicrobial surfaces, and anti-bacterial elements like touchless toilets are now more commonly mentioned in property descriptions, demonstrating a shift in buyer preferences.
Specifically, listings that mention quartz countertops can sell for 2.3% more and two days faster than expected. Homes equipped with anti-bacterial features, such as smart touchless toilets and touchless sinks, can command a sale premium of 0.7%. Properties featuring a meditation room have the potential to sell for 1.7% more than similar homes. Additionally, homes with saltwater pools, viewed as a healthier alternative to traditional chlorine pools, can fetch a 2.1% premium.
Leading the Way in Wellness Real Estate
In the Park City area, Dayson Johnson, Vice President of Magleby Development and a member of the Urban Land Institute's Residential Neighborhood Development Council, is spearheading premium wellness-focused projects. Their latest endeavor, Velvære, situated on a 60-acre site, offers 115 planned residences and a host of community-wide wellness amenities. With prices ranging from $4 million to $12 million, these homes prioritize the vital indoor-outdoor connection and incorporate advanced systems for oxygenation and circadian rhythm regulation.
Johnson acknowledges that wellness has traditionally been associated with luxury properties due to the low supply and high demand for such homes. However, he believes the concept of wellness real estate will continue to expand into diverse locations and price points.
Wellness: A Premium Worth Paying
Paul Scialla, CEO of Delos, a wellness-focused technology, design, and real estate firm, and founder of the InternationalWELL Building Institute, highlights the willingness of buyers to pay a premium for wellness real estate. On average, wellness-focused properties command prices that are 10% to 25% higher than traditional real estate.
The COVID-19 pandemic has further raised awareness about the importance of ventilation systems in homes for virus prevention. However, Scialla notes that homebuyers now have a better understanding of the harmful effects of pollutants and chemicals in indoor environments. This heightened awareness has led to increased demand for air purifying technology, which is projected to double globally by the end of the decade, with the United States remaining a dominant market.
In addition to air purification, water filtration systems and dynamic lighting solutions are generating significant interest among homebuyers. Scialla predicts that as millennials and Gen Z enter the housing market, the demand for these technologies and automations will further escalate. However, affordability challenges currently limit the impact of these wellness-focused younger buyers.
As with most technologies, as market adoption accelerates, accessibility and affordability improve. Scialla emphasizes that key wellness features are now in demand not only in standard single-family homes but also in multi-family housing and the build-for-rent market.
If you're planning to sell your home and it boasts wellness features, it is crucial to showcase them in your property description and highlight them in your photos. Today's homebuyers increasingly desire these features, and emphasizing how your home supports well-being and healthier living can significantly enhance its appeal, as advised by Kai Baan Thai real estate.
Scialla concludes that healthy home features present a significant opportunity for home builders in the face of a slowing market. A staggering 59% of consumers are willing to pay a premium for wellness-oriented solutions compared to non-wellness offerings. So, what are you offering to meet the growing demand for wellness in real estate?
In conclusion, the real estate industry is experiencing a transformation in interior design trends that are reshaping how properties are presented. Bold colors and patterns are being embraced, reflecting a desire for self-expression and individuality. Sustainability is a growing concern, leading to the use of eco-friendly materials that contribute to a healthier environment. Multifunctional spaces are in demand as homes become smaller, maximizing functionality and comfort. Bathrooms are undergoing significant transformations, with multiple shower heads becoming a popular feature. Vintage and retro-inspired decor is making a comeback, creating inviting and cozy spaces. Integrating technology seamlessly into interior design is becoming more prevalent, offering functional and convenient homes. These trends are revolutionizing our understanding of home decor, and staying informed about them is vital in today's competitive market.
Looking ahead, it's important to anticipate the next wave of interior design trends in real estate. As the focus on wellness continues to rise, homeowners and buyers are seeking homes that enhance their well-being. Features emphasizing indoor-outdoor connections, air filtration systems, non-toxic materials, and anti-bacterial elements are gaining importance. The demand for wellness-related amenities is increasing across various price points, transitioning from niche luxuries to standard components of a "nice home." Homes equipped with these features are commanding higher prices and selling faster.