Technology in general continues to advance rapidly, and the real estate industry is no exception. However, it is important that the residential space welcomes online innovation and the upgrades it brings to homebuyers with open arms.
As 2024 approaches, we expect online home buying, smart home features, and online interior design options to continue to become more prevalent. As younger generations reach homebuying age, it will become increasingly important to be adaptable and provide these resources.
Online home buying gains momentum
Homebuyers are often confused when starting their search for a new home online, so it's important that the process is as seamless as possible. Utilizing technology to display 3D views of homes on online tours, the ability to text online sales managers for assistance in real time, and virtual staging to help buyers better understand what their new home will look like. Providing housing and more is one of the top trends. To appear. These technologies make the home buying process more efficient and transparent, ultimately giving consumers a more informed buying experience. Taylor Morrison is an industry leader with an online reservation system. The system allows customers to reserve homes that are already in progress, as well as select site, floor plan, elevation, and construction options. The Houston Division was one of the first in the housing market to implement an online reservation system, and we are directly aware that local homebuyers continue to choose the less pressured online resource when purchasing a home. I've seen it with my own eyes. Since the introduction of the online reservation system, Houston's reservation conversion rate is 42 percent, compared to the national average of 31 percent.
Non-negotiable smart home features
Smart home features like Ring doorbells, smart thermostats, electronic door locks, Wi-Fi garage door openers, carbon monoxide detectors, and LED disc lights are another thing homebuyers expect to have readily available in their new home. Technology trends. While some may view these features as bells and whistles, they play an important role in the home-buying decision-making process because they are directly related to safety and health. Over the next few years, I predict that home technology that focuses on safety and health will become the industry standard and something that many homebuyers won't compromise on. In fact, more than one-third of homebuyers say they are looking to buy a new home rather than a resale because they want better home health and wellness features, according to Taylor Morrison research. Now Taylor Morrison has introduced his TM LiveSmart. It is standard on all new construction and provides healthy home features for safer, cleaner living at no additional cost.
interior design products online
Gone are the days of spending hours at the hardware store searching for the right paint color or hardware options. Online design resources will be even more in demand in 2024, allowing homebuyers to quickly see the design options available to them. Young viewers are captivated by viral home decor styles seen on social media, so we're looking for simple online tools to help you take advantage of trends (like Coastal Grandma) and recreate them in your own home. It is important to provide Taylor Morrison now offers his online portal where buyers can draw inspiration even before an in-person Design Studio meeting, making them more efficient and personal when crafting their new home aesthetic. You will be able to have a great experience.
From online home buying to smart home features, 2024 and beyond will be an exciting time for homebuyers and the homebuilding industry alike. We're just at the tip of the iceberg when it comes to advances in home technology, and we're excited to see how online innovation continues to develop and provide new experiences for homebuyers.
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Todd Rasmussen is president of Taylor Morrison's Houston division.
