Wednesday, February 12, 2014

What Home Buyers Really Want and How Much They’re Willing to Pay



If you are selling or just considering the sale of your home the following information may be very helpful in determining an asking price that is very fair to both you and the prospective buyer. The truth is that there are certain features in a home that many buyers are very willing to pay extra for as compared to a comparable home without them but what are they?

Here are the top 10 features that today’s buyers want and if you have some of them you will have a big advantage over other homes on the market that do not. This does not mean that you should rush out and spend a lot of money in upgrades before you list your home but at least you will have a better idea of how your home stacks up with others in the same area.

Stainless Steel Appliances Remain Popular
Although the higher cost of stainless in the kitchen can be a bit cost prohibitive 41% of home seekers agree that they are willing to pay more for a home that has this upgrade. How much more? The average from those surveyed was $1,850. While this may not be a great return for those of us whom have invested in high end kitchen appliances it is still an advantage and may make selling the home easier as well.

The Ultra Convenient Kitchen Island is Still a Big Seller
No big surprise here either. Home buyers still love the convenience of having a kitchen island. There’s no such thing as too much counter space in a kitchen and who couldn‘t use a bit more storage? Although 48% of those surveyed agreed it is worth paying extra for, the average amount agreed upon was only $1,370. Although this is not worth investing in simply to sell your home it is a great feature to have when it’s time to sell.

Fireplaces are still Highly Sought After
40% of those looking for a new home agreed that they would pay up to an additional $1,400 for one or more fireplaces in a home. Considering how commonplace this home improvement has become, $1,400 is a very cozy number indeed.

Hardwood Floors Continue to Outshine Carpet
You probably already knew that carpet is long gone and so do 54% of persons on the market for a new home today. The good news is that you probably already have at least partial wood floors in your home and the better news is that it could fetch you as much as an additional $2,080 for the sale of your home.

Authentic Granite Countertops are Very Important to Buyers
The kitchen still remains the best selling point of most homes and granite countertops are still considered a great upgrade by 55% of persons surveyed. Although more of a statement than a true necessity this particular item can bring as much as an additional $1,620 in the sale of a home.

Walk in Closets are Big with Buyers
Of all the items that new home buyers were asked about, a walk in closet for the master bedroom was one of the most desired features when looking for a new home. A full 60% of respondents felt that this was a big selling point and were willing to pay up to an additional $1,350 for a home with this feature.

The Traditional Eat-In Kitchen is in Demand
Although a separate dining room is also popular, 40% of people agreed that an eat-in kitchen is a design feature that they would like in their next home. It seems that today more than ever the kitchen is becoming a place to talk, relax and socialize with family and friends. It’s interesting to note that many people even have flat screens installed in the kitchen so it’s no surprise that this room is no longer considered as strictly “utilitarian”. 49% agree that this option is worth as much as an additional $2,030.

Central Air is Almost a “Must Have”
You already know that a home without central A/C is becoming a rarity but buyers are still willing to pay extra for the convenience. Although you probably already have this in your home it’s nice to know that homes without it may sell for as much as $2,520 less than comparable homes with it. A huge 69% of those seeking a new home agree that it’s worth the extra money. If you don’t have it don’t bother installing it just to help sell your home. The actual cost of installing central air is usually much more than the amount that the value of your home will increase.

Buyers Love New Appliances in the Kitchen
The last thing that anyone wants after moving into their dream home is a bunch of repair bills. 69% agree that new appliances is a major selling point of any home and are willing to pay as much as an additional $1,840 for the convenience and peace of mind.

The En Suite Master Bath is More Popular than Ever Before
For the past 10 years this luxury has grown in popularity and this year is no different. Home seekers (especially the married ones) love the idea of an upscale layout that includes this type of master bedroom/bathroom design. If your home has this very convenient feature 49% of buyers are willing to pay as much as an additional $2,030 for your home.

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