When preparing to sell your home, it’s important to understand what homebuyers want in their new house. While homes may be moving faster that in years past, homes that fit the following five needs have the greatest chance of success to sell quickly. And, as we head into the winter months, we’re seeing the need for sellers to put in more effort to sell homes in a timely manner as buyers are becoming more particular, and more patient, with their investment.
And, if you are wondering how to afford to buy a home in the Nashville area, check out our insider tips here.
Today, RE/MAX Homes and Estates, Lipman Group Managing Broker Chris Grimes shares his expertise on what homebuyers are looking for in today’s market.
Homebuyers Want: Fair Pricing
The housing market has been difficult for several buyers this past year. From making offers higher than asking prices to sacrificing some ‘must haves’ in a new home, many buyers have struggled with the overall fairness of the housing market. “In the heat of the summer market, it felt like buyers were giving up a lot just to get their foot in the door. They were waving inspections and financial contingencies for months which has led to buyer fatigue,” explains Chris. “We’re now seeing that buyers are starting to be more reserved with their offers and are not giving as much away just to get the home they want.”
Homebuyers Want: Property & Location
There’s no denying that buyers’ desires in location have changed due largely to the effects of COVID-19. People from all over the country are making the move to Middle Tennessee in search of more land, bigger homes, and lower taxes. “We’ve seen a huge influx of residents in our area of the country,” says Chris. “Middle Tennessee is an ideal location simply because of its proximity to big cities, mountains, and the coast.” Buyers are seeking out larger properties to enjoy the outdoors and have the privacy that isn’t available in bigger cities.
Homebuyers Want: Home Offices
Being able to efficiently and comfortably work from home is now a priority for more homebuyers than ever before. With people working from home frequently, home offices and secluded spaces are big selling points. “Having private spaces within the home for work or entertainment purposes can really set a home apart from the crowd,” says Chris. “When families have multiple family members trying to work from home, it’s beneficial to have quiet, separate spaces throughout the house to ensure productivity and privacy.” Many homebuyers are looking for homes with one or two more bedrooms that can accommodate a home office, so sellers should consider staging a room or secluded nook into an office as a strong selling point.
Homebuyers Want: Outdoor Living Spaces
Living spaces go beyond the ones under the roof and between the four exterior walls. Having functional spaces all throughout your property will appeal to buyers more than you may think. “Outdoor living spaces have gotten more attention this past year,” says Chris. “Buyers are looking for functional outdoor spaces to enjoy the seasons and to have a great spot for entertaining.” Create welcoming spaces by finishing in a patio, adding an outdoor fire pit, or simply updating your landscaping.
Homebuyers Want: Spacious Kitchens
The kitchen is the heart of the home and buyers are eager to have a welcoming space where family and friends can gather. “We’re seeing a much bigger emphasis on beautiful, sustainable kitchens,” says Chris. “Collectively, everyone cooked at home more than ever in 2020, so now buyers are looking for updated, organized kitchens with ample space and storage.” Spacious kitchens are expected to be on the top of many buyers’ wish list for years to come!
Ultimately, buyers are starting to wait until they find exactly what they are looking for. It’s clear that many buyers aren’t going to let sellers cut corners just to get into a house. There are also a lot of people who are holding off on buying. To stand out from the crowd, sellers must actively update their home to fit today’s standards, understand how to list their home at a fair price, and not jump at the first offer made. Patience is key in today’s housing market!
We update Real Estate Market Insights for Middle Tennessee each month. See our most current market report here.
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