The Wellness Trend in Real Estate: What it means to the Real Estate Industry
In the latest news from the National Association of REALTORS®, the wellness trend in real estate has gotten attention, as it has become an increasingly important aspect to many prospective home buyers. The good news for REALTORS® and home buyers alike in Ulster County, is that one of the main draws to the area is the wellness appeal. With the open space, availability of outdoor recreation, locally sourced food, and access to amenities such as spas and yoga studios, buying in Ulster County is a perfect place for those who value this lifestyle. Real Estate Journalist, Kaycee Miller, highlights what you need to know about this Real Estate buying trend:
‘Wellness has grown from a budding personal health concept to a $4.2 trillion global industry. Wellness as it relates to real estate is estimated to be a $52.5 billion market in North America, projected to grow by more than 6% annually. Wellness communities, holistic neighborhoods, and complexes focused on health and wellness continue to pop up all over the country. Experts believe prospective homeowners are willing to pay an average of 10% to 25% premium for homes within wellness communities. The phenomenon isn’t going anywhere anytime soon.
So, how can real estate agents work this real estate niche into their business strategy?
The first step is to understand the needs and demands of the industry to better sell properties with these benefits and assist buyers interested in these features. Here are just some of the trends we’re seeing in real estate wellness:
- Community wellness amenities like yoga rooms, meditation rooms, spas, and fitness centers
- Wellness utilities including air purification systems, solar panels, and lighting systems
- Smart appliances promoting healthy living
- Green building and healthy material choices in new construction
- Outdoor connections like tranquility gardens, rooftop patios, or private parks
- Onsite programs, classes, and wellness professionals
Do these features seem out of left field? Don’t be so sure. Fast-paced, stress-filled lifestyles push many home buyers to try to find a balance wherever and whenever they can. If homes themselves can help boost health and well-being, then people will seek that out actively.
Americans spend 93% of their time indoors, according to the Environmental Protection Agency, so a person’s home is a vital piece of the puzzle. In short, all signs point toward continued growth in the wellness real estate market.
In order to capitalize on this growing segment, here are some of our top tips for real estate agents moving forward:
- Know your buyers. Understanding your buyers and exactly what they are looking for is real estate 101, but clients simply may not be aware that this kind of wellness market exists. Agents working with clients who prioritize health and wellness and would benefit or pay more for some of these features, be sure to educate them on what’s available. The wellness lifestyle isn’t for everyone—but be careful not to assume that specific families or generations wouldn’t be interested.
- Get involved. If you’re new to the wellness space or the wellness space is new to your market, try to get involved with the wellness community where you can. Interacting with people who are familiar with the industry will help you learn the ins and outs, network with important connections, and potentially meet new clients. You might just get in great shape while you’re at it.
- Dispel myths. There is a widespread belief that wellness real estate is only for the rich. While developers may be pushing the concept of a healthier home as a selling point, the fact is that we don’t have to look too far to find aspects of wellness. If the home itself has green building components, like energy-wise construction, paint with low volatile organic compounds ratings, and non-toxic materials, then that is one huge step in the right direction. Package and market that green home with close-by amenities that may exist in the community itself, such as spas, yoga studios, walking trails, parks, and gyms. Instant wellness at a more affordable price.
Current wellness trends in real estate go beyond simply focusing on green building, although that is one important component. People are beginning to understand that their living environment directly affects their health and are seeking ways to minimize negative impact. By taking a holistic view of wellness, including the built environment, stress-reducing activities, and beyond, individuals can start to see a larger overall impact on well-being. It’s important to be on top of the latest wellness trends in real estate so you can become a resource for the growing group of people who are looking for this type of lifestyle.