Not to be the bearer of bad news, but 2023 is not looking like it will be a great year for the housing market as buyers are facing two main everlasting economic hurdles. Persisting inflation means a higher cost of owning a home and interest rates which the Fed stated will be going higher this year. This forces the average homebuyer to either compromise with a lower-end neighborhood/house or not buy at all. 

Fortunately, homebuyers can overcome these hurdles of owning a home. Whether that is the cost to finance or paying high home bills, there is a solution without necessarily degrading the quality of living. To avoid this, homebuyers should consider installing smart devices in whatever home they are considering

Although smart technology is commonly recognized for home entertainment purposes, it can also be a huge saver for homeowners. In a recent study, energy-efficient smart water heaters saved an average of $4,500 over the last ten years. Smart thermostats have proven to cut HVAC costs significantly.

Compounding these expenses in the long term, homeowners could have a chance to not settle for less and own their desired home as they realize they could save thousands by simply re-evaluating their home costs. Installing other features such as smart light bulbs that also have better energy efficiency can help cut costs, compounding each year.

Despite the unfortunate housing outlook for homebuyers, there is a solution for 2023 homebuyers that can bring them potential upside. Purchasing new, energy-efficient smart technology can make a noticeable cost-effective strategy for owning a home.