This has been one of the longest real estate buyers’ markets in recent U.S. history. With the availability of an abundant supply of homes at rock-bottom prices, buyers have become very picky about their wants and needs. It has therefore become imperative for sellers to not only maintain their homes in impeccable condition, but to also entice buyers with various incentives. It is as if homebuyers are able to catch fish with their bare hands and choose the biggest and the best fish from the lot!
Buyers are driving a hard bargain and demanding the best bang for their buck by seeking properties that are well-maintained, mechanically sound, and have an intrinsic value. As a seller, setting an appropriate asking price has become difficult because regardless of the already low listed price, buyers are bargaining hard and negotiating for various freebies.
Money is tight everywhere. Although buyers have cash to buy a home, generally they don’t have enough to buy a fixer-upper or the desire to renovate it. Another reason for this is the difficulty in obtaining a loan for home improvement. Most Realtors agree that their clients are demanding to see homes that don’t require any repairs. Banks are also seeing similar attitudes from buyers for REO properties. They expect bank-owned properties to be in ready to move-in condition.
To make their homes standout from the crowd, sellers are urged to update, repair, clean and stage their homes very well. Sellers must put themselves in the shoes of fastidious buyers and take care of every subtle nuance in their homes that may prevent buyers from giving a second look.
Given the market conditions, it’s not enough these days to have a solid, well-kept house with a great curb appeal. Buyers look for homes that have upgrades such as screened porches, home theater rooms, home offices and other goodies. Sellers are also upping the ante by offering incentives such as free flat screen TVs, gift cards and the most common contribution to the closing costs. As if this isn’t enough, some buyers are demanding tank-less water heaters, new windows, high efficiency appliances and upgraded landscaping.
Interestingly, buyers prefer homes with an open kitchen that extends into the family room without a separating wall. This is not surprising considering that the kitchen has become the most important room in the house for Baby Boomers. Many buyers are practical and environmentally conscious too. While they prefer granite kitchen countertops, they will settle for any natural composite material with a stone-like appearance.
The weak economy seems to be fueling entrepreneurship in a big way. A lot of buyers prefer to convert rarely used rooms such as the formal dining room or the living room into home offices, reading room or a space for pursuing a hobby. This makes sense because studies have shown that on an average, families use the formal living room no more than 3-4 times per year. To make the living space feel larger, try staging a rarely used formal area, as additional useable space.
The thrill of scoring a bargain is driving homebuyers’ demands into unchartered territories. As a seller, think outside of the box and wow the buyer.
Buyers are driving a hard bargain and demanding the best bang for their buck by seeking properties that are well-maintained, mechanically sound, and have an intrinsic value. As a seller, setting an appropriate asking price has become difficult because regardless of the already low listed price, buyers are bargaining hard and negotiating for various freebies.
Money is tight everywhere. Although buyers have cash to buy a home, generally they don’t have enough to buy a fixer-upper or the desire to renovate it. Another reason for this is the difficulty in obtaining a loan for home improvement. Most Realtors agree that their clients are demanding to see homes that don’t require any repairs. Banks are also seeing similar attitudes from buyers for REO properties. They expect bank-owned properties to be in ready to move-in condition.
To make their homes standout from the crowd, sellers are urged to update, repair, clean and stage their homes very well. Sellers must put themselves in the shoes of fastidious buyers and take care of every subtle nuance in their homes that may prevent buyers from giving a second look.
Given the market conditions, it’s not enough these days to have a solid, well-kept house with a great curb appeal. Buyers look for homes that have upgrades such as screened porches, home theater rooms, home offices and other goodies. Sellers are also upping the ante by offering incentives such as free flat screen TVs, gift cards and the most common contribution to the closing costs. As if this isn’t enough, some buyers are demanding tank-less water heaters, new windows, high efficiency appliances and upgraded landscaping.
Interestingly, buyers prefer homes with an open kitchen that extends into the family room without a separating wall. This is not surprising considering that the kitchen has become the most important room in the house for Baby Boomers. Many buyers are practical and environmentally conscious too. While they prefer granite kitchen countertops, they will settle for any natural composite material with a stone-like appearance.
The weak economy seems to be fueling entrepreneurship in a big way. A lot of buyers prefer to convert rarely used rooms such as the formal dining room or the living room into home offices, reading room or a space for pursuing a hobby. This makes sense because studies have shown that on an average, families use the formal living room no more than 3-4 times per year. To make the living space feel larger, try staging a rarely used formal area, as additional useable space.
The thrill of scoring a bargain is driving homebuyers’ demands into unchartered territories. As a seller, think outside of the box and wow the buyer.
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