Despite Challenging Market, Buyers Still Want Updated Homes

Even though most homes are moving quickly off of the market these days, sellers should make sure their homes look their best before listing them.

Simple updates or DIY projects can help increase the value of the home. What are buyers looking for? According to a survey from Coldwell Banker Real Estate LLC, buyers most want kitchen upgrades at 45%, followed by bathroom updates at 44% and then updated HVAC, plumbing or electrical at 43%. New appliances are desired by 38%, followed by updated interior or exterior paint at 34%.  However, buyers and sellers may not be on the same page. When homeowners were asked what features they thought they should update in their homes, the answered varied compared to buyers. Updated paint jobs were the top feature sellers would do, at 34%, followed by bathroom upgrades at 32% and carpet cleaning or new carpets at 31%. Many sellers know the importance of first impressions either, 31% of sellers would do updated landscaping, while 30% would update their kitchen.

However, sellers should be cautious when making updates. One-third of sellers reported having to make additional updates after the inspection, while 28% said they spent money making investments that did not offer the best return on investment, another 28% said the whole process was stressful, while another 28% struggled to find professionals to make updates and 28% couldn’t afford to make updates before listing. Additional stressors to selling their home included moving and storage of items (61%), packaging home items (59%), minor remodeling and repairs (55%) and cleaning and decluttering (55%).

For those planning to move, 26% want more space, while 23% want an updated home and 20% are hoping to live closer to friends and family. For those hesitant to list, 37% said homes are overpriced in their area, 29% said there are no homes in their price range and 24% cannot afford a down payment.

Real estate agents are necessary though. Twenty-eight percent of sellers said they depended on their Realtors® to tell them what updates to make to increase the value of their home, while 27% looked to their Realtors® for recommendations for professionals to make upgrades.