What’s up, what’s up with homebuyers in 2006
Most full-time real estate agents hear a lot of feedback every day throughout the year from homebuyers when viewing potential resale and new construction homes. They wonder why home builders, developers, and sellers add finishes or upgrades that they say “inexpensive” or “soon to be obsolete,” as well as homeowners who think wood grain laminate kitchen cabinets look good. Old standbys like solid oak flooring may not be at the forefront of design, but the quality and durability are hot sales any day in residential real estate. After a year of showing properties in 2005 and eight years prior with homebuyers as well as consumer requests after reviewing “1001 Tips for Buying and Selling a Home” in The New York Times, I compiled a list of home runs and strikes. -outs for those looking to sell to homebuyers in 2006.
What’s up
-Smaller square foot homes. After years of expansion, new construction buyers want less space with better finishes.
-Quality kitchen cabinets. With the kitchen/great room as the center of family life, today’s buyers are looking for furniture-style cabinetry.
-Bamboo hardwood floors. It could overtake maple as the favorite light-colored hardwood floor in 2006.
-Wall space for flat screen TVs. Specify power and cable boxes near where homebuyers want to put the latest in visual technology. The popular location for installation in new construction is above the chimney.
-Multiple and high power telephone lines. With modems, dsl, wi-fi moving into widespread use, tech-savvy homebuyers want “wired” homes.
-Shower cabins and separate bathtubs in main bathrooms. The growing divide between “soakers” and “showers” is widening. Not having one of each in a master bath could stifle a purchase.
-Integrated home stereo systems are a must have for many audiophiles. Wireless hasn’t made the prewired home audio system obsolete, at least not in 2006.
-Balconies and terraces more than 3 feet wide. Home buyers want usable outdoor space. Big enough for a bistro table and chairs and a couple of pots for container gardening.
-Guest parking. With the rise of zero-lot condos, lofts, and subdivisions, homebuyers want their guests to have a hassle-free experience when they arrive at their new home. Buy or rent an extra space for family or friends.
-Parks for dogs. Dogs and home ownership go hand in hand. The new way to meet your neighborhood neighbors is to interact with them at the dog park. Before buying a house, check the nearest one.
-Rancho or one level houses. Baby boomers are discovering its usefulness en masse.
-Second Homes. Baby boomers are also keeping this market segment strong. Second home demand was still on the rise in 2005, but if primary home demand weakens, the second home market will historically follow.
-Seller returns. With a more balanced market in most metro markets, buyer requests to pay closing costs have increased and some sellers are paying them.
-Carbon monoxide detectors. Home inspectors red flag homes that only have smoke detectors. Inexpensive and life-saving, install one on each floor of a home before opening it to homebuyers.
What’s outside
-The housing bubble. It is a correction with a smooth decline in prices.
-Ebony stained hardwood floors. It’s better to rip it off than to try to sand the ebony to restore it.
-Single bar cabinets. Buyers want the most storage in the least amount of space. The organizers achieve this.
-Dark rooms with small windows. Natural light can override many other problems in a home.
-Wallpaper. Buyers never have the same taste as decorators. Take it down (carefully) and paint.
-Builder grade lighting fixtures and interior fixtures used on the exterior. The right accessories tell buyers quality.
-Mid-Century awnings on exterior doors and windows. Buyers want to let the sun in.
– Mirrored backsplash in kitchens and everywhere else. Mirrored walls and ceilings express the hedonism of the 80s.
-Commitment colors (strong, bold and fashionable). They look great in magazines, but as one buyer told me, “I don’t live in a magazine.”
-Gas grills that need their own tank. Buyers prefer piped gas from the house so they don’t have to replace tanks.
-Sagging ceilings. It could have updated a bungalow in the 1950s, but buyers want as much vertical space as possible.
– Turning. The rise in unsold home inventories is rising, indicating weakening demand from all buyers. If you have properties to invest in, be prepared to put them on the market after the holidays.
At the exit.
-Stainless steel appliances. Word of mouth says that cleaning requirements are not for everyone.
-Laminate floors that look like hardwood. Not only can buyers say it’s not wood, but the noise it makes with high heels is the deciding factor during property shows.