If there’s any insight to gain from 2020, it’s this: the home buying market is resilient. Despite the fact that home buying slowed earlier in the year, the market has started to rebound. This rebound is partly due to low mortgage interest rates allowing first-time homebuyers to purchase when they may not have been able to before the pandemic. Another driving force behind the rebound: millennial homebuyers. In 2019, millennials made up 38% of homebuyers.
Regardless of the buyer’s generation, these are some of the upgrades and trends a buyer may be looking for in the search for their next home.
Smart Home Features
There used to be a time when smart home features were out of reach for some people, but now, with companies like Amazon, Google, and Ring, smart home features are more affordable. Tech savvy or not, some homebuyers are more interested in homes with smart home security, smart thermostats, smart speakers, and smart lighting upgrades that can be controlled from a cell phone.
Now more than ever, homebuyers are interested in lowering the cost of their utilities by having more energy-efficient homes. They will be looking for things such as Energy Star-rated windows, upgraded insulation, newer appliances, and high-efficiency heating and cooling systems.
Designated Home Offices
2020 has been the year for working remotely, and many homebuyers will be looking at homes with designated office space or a bonus room that can be transformed into a “WFH” option, or even a remote classroom for virtual learning. Features that may help designate the room as a functioning office space include built-in shelving systems, outlets in many places, and access to natural light.
Kitchen and Bathroom Updates
When searching for a new home, something that will always impress potential buyers are updated kitchen and bathrooms. Unlike bedrooms and living rooms, kitchens and bathrooms take a bit more time, planning, and money to update, and many homebuyers would prefer to have this done prior to purchasing. Newer countertops, hardware, and updated paint colors are all upgrades that appeal to buyers.
Patio or Outdoor Area
As many people are spending a lot more time outside due to the pandemic, a refreshed outdoor area for spending time with family or entertaining friends is increasingly more appealing. Creating a space that works as an outdoor kitchen or an outdoor living room can be attractive to buyers. Even a simple landscaping refresh can help make a big difference to an outdoor space.
Real Estate Professionals Can Help
If you’re preparing to sell your home, understanding what potential homebuyers are looking for can not only make your home more appealing and potentially raise the price of your home, but will help the entire process go more smoothly. It always pays to consult with your real estate agent about their thoughts, as well. They know the market and can help steer you in the direction of what improvements are most popular. When the time comes to close on the sale of your home or on the purchase of your new home, our team at Attorney’s Title Group is here to guide you through an easy and convenient closing. To learn more about our services, feel free to call us at (501) 734-2233, visit us on Facebook or online: www.youratg.com.