What Buyers Want

It is hard to say where the market is going these days in this area. One thing I know, is that we currently have a shortage of good listings. There are still plenty of short sales and distressed homes coming on the market but what is missing is an inventory of homes that show well. Buyers are out there in droves. There has been a lot of pent up demand built up over the past few years. The strong local economy combined with  mortgage interest rates that are so low that it is obscene has generated a large pool of folks wanting to buy a home. However, with the recent recession under their belt many young buyers are choosing to be very picky about the homes they look at. We are not seeing the rush to plop down good money on just anything that comes on the market. Most buyers who are not investors want more bang for their buck when considering a home purchase. I would have to say that one of the biggest factors is the age of the kitchen. New or refurbished kitchens are in high demand with new bathrooms being a close second. If you are selling a home with a 20-30 year old kitchen  then you are going to have to be patient and price it correctly. There are two factors driving home sales these days- product and price. Exposure is not necessarily the issue. Any good Real Estate Company is going to get your home exposed on the Internet. But if your product (home) is not in top shape then your only choice is to consider the asking price. You must measure what the competition has to offer and act accordingly. I realize that this is not rocket science. But many sellers are having a hard time adjusting to the realities of the market. Yes, we are in a competitive market with hungry buyers. However, the buyers out there are looking for value and passing up on the average or the overpriced. They are limiting their choices to homes that are in exceptional condition and/or have an attractive low price.