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What Do HomeBuyers Want In A House Today?

by John Adams

Regardless of what you hear in the media, there are some buyers in today's real estate market, and they are not just investors. Believe it or not, some 4.6 million existing homes were resold during 2011, and we will probably exceed that this year, according to economists. So what is it that makes a prospective buyer ready to sign on the dotted line? What are buyers looking for in today's market?

In the last couple weeks, I have conducted an informal and unscientific poll of agents across the metro Atlanta area, and the results may surprise you.

Buyers want:

1. A House That Is In Move-In Condition

Buyers in today's market are picky - and they have every right to be just that. Because there are so many homes for sale, and because there are so few buyers, purchasers can pick the cream of the crop . So for starters, buyers today don't want a project.

The house needs to be in excellent condition, remodeled and already updated. The top finished projects buyers want to see are, as always, kitchen and bath make-overs, but buyers today want to move right in and settle down - NOT spend six months and a lot of money on contractors.

2. A House That Is Less SPACIOUS

In recent years, there has been a trend toward homes that are bigger and bigger, but we are seeing that change now. Today's buyer wants a home with smart spaces, not just LOTS of spaces.

As a result, we are seeing a focus on a home offices instead of a formal living room, and luxuries like home theaters and man caves are less of a hot button than in years past.

Part of the reason for our current real estate crisis is the fact that builders find larger houses more profitable, and this led to a huge oversupply of new homes over 3000 square feet that still have not all been sold. Builders simply over-supplied the market.

3. A House That Is BRIGHT and CHEERFUL

This is an oldie but a goodie. As in years past, bringing the outdoors to the indoors is a popular feature, and the preferred way to do it is with LOTS of LIGHT & WINDOWS.

While this trend isn't a new one, the NEW products available are remarkable. I was recently at the Home Builders Show and GLASS was all the rage. It has to be very well insulated and make you feel like you are walking in the park, but buyers want it!

4. A House With Extra Storage Space

While this may seem contradictory to the trend toward less square footage, there is more here than meets the eye.

Builders have figured out they can make buyers happy by offering inexpensive unfinished space for people to store all the stuff they have accumulated over the years.

So an UNFINISHED BASEMENT or a BONUS ROOM in the attic is a big hit, and keeps buyers from having to rent one of those public storage spaces, which can cost a hundred bucks a month!

5. A House That Is Green

No, not the color, but the movement. For years, buyers have been slow to embrace the GREEN REVOLUTION, but it's finally become trendy to have a solar panel on the roof or a geothermal pump beside the house. Tankless water heaters are also gaining popularity as a buyer "want."

It's not so much about saving the planet as it is about saving face in the neighborhood.

Yes, there are benefits of energy efficiency, but builders are finding that almost all elements of new construction are moving toward giving the consumer more energy bang for the buck, and is seems clear that saving energy is the wave of the future, at least in real estate.

Even though this last is based on anecdotal evidence, I believe it to be an accurate reflection of buyer preferences. The five features mentioned here all appeared in almost every top ten list I collected. If you think I may have overlooked a feature that's also important to buyers, drop me an e-mail and tell me about it.

 

Upcoming Events

John Adams Presents

REAL ESTATE ACADEMY
with John Adams
Saturday, May 19th

This ONE DAY INTENSIVE is designed to bring the REALTOR or INVESTOR to the next level in today's GUERILLA INVESTOR techniques, from finding & evaluating BANK OWNED HOMES to FINANCING & REHAB techniques. Includes using ROTH IRA and RETIREMENT FUNDS to invest in Real Estate, Income Tax and Property Tax Reduction strategies, Landlording methods for maximum cash flow, Exit & Retirement planning, and Pre-emptive Disruptive Appraisal Methods. In addition, a bonus session on GOOGLE TOOLS for Investors has been added to this class to allow you take full advantage of the power of the Internet to your profit system.

For more details and to REGISTER, Click HERE

The Foreclosure Tour of Homes
Saturday, May 26th

Starting at 9:30am, a small group of investors and buyers will have the experience of a lifetime. First, we have an in-class learning session where we learn about today's market.

You will see abandoned dumps and finished products, and everything in between.
And Snap will be there to answer all your questions and explain the rehab and rental strategies.

For more details and to REGISTER, Click HERE