Mark Nash (real estate author) has put together a list of what’s in and what’s out with homebuyers for 2007, based on the results of a recent survey of realtors, managing brokers and association executives.
I found it to be right on with trends that I have observed working with homebuyers in the past year.
Here’s a quick review:
What’s In
*Homes that are priced right. Forget about the boom market, homes that buyers want to see are competitively priced.
*Market Timing. Spring is the time when there is highest demand by the largest number of buyers.
*Savvy buyers. Interest rates are still low and make for great opportunities for buyers to take advantage of.
* Alternate place of business. Home offices are on the rise, and as a result the necessity of holding business meetings outside of the home office is creating a demand for meeting room hourly rentals that offer access to technology and also allow for privacy (coffee shops just don’t have what it takes for a professional atmosphere). Availability of these spaces are a consideration for work-at-home professionals.
*Upscale garages. Today’s garage owners want cabinets and storage systems, mini-refrigerators, insulation, heating and air-conditioning.
*Personal space. A place where an individual family member (especially Mom or Dad) can go to work on projects without being disturbed.
*Two home offices. Rising gas prices and long commutes are resulting in more couples both choosing to work at home.
*Rejuvenation rooms. A place to exercise and meditate, complete with sauna and steam shower.
*Sustainable design. This is based on the areas of energy conservation, indoor air quality and resource conservation. Sustainable design looks at homes as a whole interconnected unit, not just a group of unrelated systems thrown together. Natural forms of energy are maximized.
*Structured wiring. Must-have for technology based homebuyers. Cable, voice and data lines, radio and remote camera security are wired into multi-outlet boxes- these are called home network centres.
*Mixing finishes. Matching everything, especially in kitchens, is out in home décor.
What’s Out
*For sale ‘as is’. This could work in the boom market, but forget it now. The words ‘as is’ are a red flag for any buyer and you are chasing buyers away. Get your house ready to sell before it goes onto the market.
*Buyer incentives. Gimmicks are confusing and distracting, free stuff doesn’t sell houses, realistic pricing does. You’re selling real estate, not personal property.
*Endless open houses. Open houses every Sunday are a sign of desperation, and buyers know it.
*Tiny bedrooms. If you can’t fit in a bed and bedroom furniture, then it’s not a bedroom.
*Glass upper kitchen cabinet doors. Buyers say it looks great, but who has time to keep them perfectly organized and sparkling clean? Too much maintenance.
*Bowl-shaped above-counter bathroom sinks. Again, great to look at but a lot of work to keep clean- too much splashing.
*Any shiny metal finish. Brushed nickels and pewters are in, antiqued and polished brass are out.
*Stainless steel appliances. Buyers are moving towards choices that specify warmer colours in kitchen appliances. Too much maintenance in keeping them free of fingerprints…
*Spiral staircases. Popular with older homeowners. Unfriendly to pets and young children. Seriously consider taking yours out and putting in a standard staircase if you are thinking of selling your house.
On The Way Out
*Bamboo floors. Easily dented and scratched, prone to warping in the North American climate.
*Hardwood laminate floors. Considered the poor relative of solid hardwood.
*Smoking in the house while it’s on the market. Buyers hate second-hand smoke odours.
Tammy Dufault
Century 21 BJ Roth Realty Ltd.
