Buyers are Considering Fixer Uppers
The limited number of entry-level homes for sale coupled with rising prices is turning many homebuyers’ attention toward homes that need updating or repairs.
Homes that need work are in less demand than homes that are in pristine condition, affording homebuyers the opportunity to pay less for a home, yet get the features and ambiance they want through remodeling.
According to realtor.com's most recent homebuyer survey, over half of participating homebuyers are willing to spend $20,000 or more on renovation. Why? Ninety-59% of them are confident they’ll get a positive return on their investment.
The survey found that about three out of five home shoppers under 55 years-old are considering buying a home that needs renovating, and fifty-nine percent of homebuyers between 18 and 34 years-old are willing to tackle a fixer-upper.
Ideas for renovations are easy to find on your cellphone or tablet from Pinterest and Instagram to Houzz, to a plethora of home remodeling shows on your television. In fact, 60% of homebuyers surveyed said they were influenced by home remodeling shows to consider buying a fixer-upper.
One-third of homebuyers said that a kitchen upgrade would be their first priority, and one-quarter said they wanted to remodel a bathroom, followed by 20% who want new wood flooring.
According to the National Association of Home Builders, homebuyers are most interested in having a laundry room to close off piles of dirty clothes and linens, along with Energy Star appliances and windows throughout the home.
Five Ways Homebuyers Get the Wrong Impression of your Home
You’ve done everything right, or so you think. You’ve painted, landscaped and staged, but your home isn’t selling as fast as you thought it would. Here are some surprising reasons why buyers may have the wrong impression.
Poor photography. Don’t take pictures of anything that won’t help your home sell. Make your eye see details, like mail sticking out of the mailbox, trash receptacles on the front lawn and tricycles in the driveway. Take the time to remove anything that doesn’t enhance your home’s presentation.
Pets. Barking dogs can be intimidating, distracting and sometimes dangerous. Secure your pet in a crate during showings, board them, or take them with you. Otherwise, buyers won’t feel comfortable viewing your home.
The car park. If you have a two-car garage and two cars, put both cars in the garage. If you have more vehicles than garage spaces, with cars on the street, it makes your home appear too small for the number of occupants.
Being too controlling. When you limit the times your home can be shown, you’re handicapping homebuyers who may only be able to come at that time.
The wrong price. Your home is in a neighborhood of similar homes in vintage or size. If homebuyers don’t see the reasons why your home is worth more than other similar homes, they’ll move on to the next listing.
You can count on your Berkshire Hathaway HomeServices network professional to help you avoid similar mistakes and sell your home in a timely manner.