Tag Archives: buyers market

Renovations Buyers Like to See

Not all renovations are created equal. If you’re adding a luxurious new bathroom or a “man cave” for your own purposes, you’re probably not too concerned about your return when the house goes on the market. You’re spending the money for your pleasure and quality of life, not the return.

messy-garage                  eshop-garage

Garage_b4_right            Gorgeous-White-Interior-Gray-Concrete-Floor-Garage-Storage-Ideas

But many homeowners see their home as a financial investment vehicle and understand that it’s quite likely the day will come in 5 to 7 years when they are ready to trade up or move to a new market. With this eye, every renovation is a calculated decision. In this situation, you want to select projects which are likely to provide a good return.

Any renovation which improves the value of your home in the eyes of buyers without breaking your renovation budget is an excellent choice. So how do you know which ones buyers want to see?

According to a National Association of Home Builder’s 2013 report of 4,000 prospective buyers, the following seven features were on buyers’ most wanted list:

  1. Separate laundry room (93% preference)
  2. Exterior lighting (90% preference)
  3. Energy Star-qualified windows (89% preference)
  4. Garage storage space (86% preference)
  5. Eat-in kitchen (85% preference)
  6. Walk-in kitchen pantry (85% preference)
  7. Wireless home security system (50% preference)

kitchen pantry  cute-dog-in-laundry-room  laundry closet  custom_walk_in_pantry_springfield_mo_fs

You can read the estimated costs and reasoning behind these features in the original Kiplinger article here:

http://www.kiplinger.com/slideshow/real-estate/T010-S001-7-features-home-buyers-want-most/index.html

(Keep in mind that the costs may have risen, as the original article ran in 2014.)

The past few months, something we’ve noticed Millenial buyers look for and often ask about is FIOS connectivity as well as strong cell service for the many mobildevices we now all rely on day to day…something you can’t always gaurantee personally, but its good to know the answers and the availability of these “must-haves”.

Are you planning to sell your home after a renovation? I’d be happy to help you. Let’s talk: Barbara & Gregg, THE NICHOLAS TEAM  realestate@thenicholasteam.com  973-509-2222 ext. 1126

You Can Still Find a Home at a Fair Price

If you’ve found yourself paralyzed by this active market, you’re not alone. According to a recent survey of 3,500 buyers, a whopping 58% of potential homebuyers are sitting on the sidelines because they’re afraid the market is too hot. Here’s a breakdown of their top concerns:

shutterstock_82425943_WALLET_MONEY_AND_HOUSE_CONCEPT_0

  1. Affordability: Prices are rising or too high (27%)
  2. There’s too much competition from other buyers (17%)
  3. There aren’t enough homes to choose from (14%)

 

While it’s true we’ve seen a dramatic increase in market activity over the past few years, it’s important to remember that what you want isn’t necessarily what everyone else wants. Where you want to live and the type of home you want to live in isn’t necessarily subject to the “macro trends” in any given market situation.

Your dream home is as unique as you are, and the only way to understand what’s out there is to take the time to share the details of what you’re looking for with a professional who is tuned into the market. What’s more, an agent can help debunk market myths and keep an eye out for properties which fit your specific criteria.

Home-Buying-ChecklistNow is a good time to make a list of criteria for your next home. Begin with your “must haves” and move on to your “nice to haves.” Consider square footage, neighborhood, amenities, and your budget as you put together this list. Reflecting on this information will help you have a productive discussion with a buyer’s agent and also contribute to your understanding of “what’s out there” in your immediate market.

Often our fears turn out to be unfounded. If you’ve been letting your perception of the market stymie you from pursuing your dream, now is a good time to start a discussion with someone who can help you see the whole picture.

Questions? We’re happy to help you answer them! Get in touch today: Barbara & Gregg, THE NICHOLAS TEAM  realestate@thenicholasteam.com   973-509-2222 ext. 1126

 

[Survey source: https://www.redfin.com/research/reports/real-time-market-sentiment]