It’s 2021, and if you’re a seller, you might think the market is strong enough that it really doesn’t matter what buyers actually want – the fact is, they’ll probably buy your house anyway… RIGHT?
That may be true to some extent, but taking the time to consider what buyers are looking FOR and looking AT, might make the difference between getting an offer that’s 10k over your asking, versus 20k over, or could be what gets you 8 offers to choose from versus 4 – so, financially speaking, it’s worth your time to review what buyers want.
It’s important to think about and think like your potential and eventual buyers. Every property and transaction are unique but the things that get houses sold are known quantities. It might seem abstract or mysterious, but in reality, it’s just about how much time and money you want to spend creating a product that is what the local buyers want. Keep in mind that according to statistics, your buyer creates their initial/first impression in about 60 seconds!
Here is a list of things that buyers will be looking for:
MOVE-IN READY does not mean that there aren’t still some projects to do, or maintenance to take care of, but having a home that buyers can live in immediately is at the top of 76% of younger buyer’s minds. Move-in ready homes are also much more likely to qualify for financing, which opens up the buyer pool substantially.
CERTAIN ROOMS are more important to buyers, and it might surprise you to know that 32% of buyers said that the garage is one of the most important rooms in a house! Focus on the Kitchen, Bathroom and Garage/Laundry areas.
REASONABLE PRICE is a big factor when attracting buyers to your property. Please refer to the Pricing Your Property article for LOTS more details on that.
WELL MAINTAINED PROPERTY is much more attractive to buyers because it can represent pride of ownership. This topic is covered in more detail in this article, but does also include the general cleanliness of a home and surrounding property.
GOOD BONES is a phrase often used to describe the most important, working parts of a property – Electrical, Plumbing, Roof, Heating/Insulation. If any of these systems are actively in need of attention, that can be a deal-breaker for many buyers because of potential hidden costs.
CHARM/CHARACTER is hard to pinpoint and hard to create where it doesn’t exist, but it’s still something that buyers are actively looking for!
UPGRADES and the buyers that want them vary dramatically by individual.
Since we’re firmly in a SELLER’S market, there’s definitely no need to do anything heroic to meet all these criteria, but you do have the opportunity to highlight the items on the list that your property may already feature, or even make a few small changes that could make a big difference in how your attractive your property is to buyers – and ultimately, making you more money on your investment.