Monday, July 13, 2020 / by Brittany Turley
What Amenities Are Buyers Looking for As They Shop Around?
Now that summer is here, we are starting to see an uptick of buyers that are exploring the housing market even though we are still in coronavirus pandemic. This makes sense because due to quarantines across the nation, buyers are spending more time than ever in their homes which is causing them to rethink their living arrangements.
If you are thinking of putting your home on the market, it’s important to ensure that your home has the amenities that buyers want in a home. Although you might think that upgrading your home is difficult and expensive, that often is not the case.
Painting your rooms using a neutral color scheme, adding a patio to your yard, and installing new insulation in your attic are just a few projects you can tackle without much effort. Other upgrades such as upgrading kitchen appliances and building out your home might require more effort, but still deliver a significant return.
A closer look at home upgrade costs
Two of the most notable shifts caused by the pandemic include companies allowing staff to work from home, and buyers increasingly looking to move away from densely populated areas into suburban regions with spacious backyards. In fact, 44% of buyers are browsing the market because they want more spacious properties, while 37% are looking to move to the suburbs.
Those things in mind, real estate agents are advising homeowners to invest in amenities such as a home office, a private and attractive outdoor area, and a well-appointed kitchen. Although adding or enhancing these amenities requires an upfront investment, they can help boost the value of the property being sold. For example, building a home office can cost $12,000, but when the home is sold the owner can recoup 87% of the investment.
Upgrading your kitchen also is also a relatively cost-effective way to boost the value of your home. Adding stainless steel appliances costs on average $4,229 but can add $5,982 to your home’s value. A return of 141%. Other projects such as adding a walk-in pantry, or double ovens yield a 76% and 71% return respectively.
How technology is making it easier to sell your home during the pandemic
Now that we have touched on what makes a home attractive to buyers, you are likely wondering how you can showcase your home to others. Since many home buyers and sellers are trying to avoid unnecessary in-person contact, virtual open houses have become an indispensable tool during the coronavirus pandemic to keep real estate transactions moving along.
Rather than prospective buyers crowding into a home for a tour, real estate agents are now using web conferencing solutions such as Facebook Live, Zoom, and Google Meet to livestream walkthroughs of their clients’ homes.
These events are interactive, providing buyers the opportunities to ask questions and receive answers in real-time and even request that the agent revisit a room or home in on a specific area.
If you’re thinking of putting your home on the market, it’s best to speak with a Las Vegas realtor as they know the ins and outs of the local markets and can help you understand the true value of your home.
For further insights on the topic, check out the full report from our Q2 Top Agent Insights Survey.