As established homeowners began making changes to their existing homes to accommodate additional time spent at home, buyers began adjusting their “must-have” lists. Indeed, the pandemic has shifted priorities. Some amenities that used to be towards the bottom of the list are now sitting at the top. Let’s look at some of the amenities buyers are looking for as we head into fall.
Additional space to accommodate remote work and school top the must-have list and are a driving force behind buyers looking to upgrade from their current homes. The prevalence of remote work has many people relocating to altogether different areas, seeking locations that will give them more – more space – for their money.
Real estate referral company, HomeLight, conducted a spring quarter survey of more than 1,000 top agents across the country to get a feel for market conditions. The survey results are telling, with 45 percent of agents reporting homeowners repurposing spare rooms to accommodate home offices and 76 percent saying that home remodeling has dramatically increased since the pandemic’s start. Because of this, home offices top the list of must-have amenities for homebuyers.
Outdoor living space
This is almost a given for Arizonians, but it’s worth mentioning that outdoor living spaces are topping the list of sought after amenities across the nation. With people spending more time at home – and working from home – it makes sense that homebuyers are looking for properties featuring a backyard escape.
With millennials making up a majority of buyers in the real estate market, sellers whose homes are outfitted with green features will stand out from the pack. Whether it’s a green system – such as solar heating and cooling – eco-friendly appliances, or overall household energy efficiency, buyers want it.
Smart is the name of the game with today’s buyers. From the thermostat to the door locks, buyers want homes ready to hook up their smart hubs. More specifically, the top smart feature must-haves among buyers include thermostats, fire detectors, carbon monoxide detectors, cameras, locks, and lighting.
The final feature is more of a concept than a tangible item, and that’s value for money. While it’s a seller’s market – and fantastic interest rates are enticing more buyers to shop the market – buyers are still discriminating. Turnkey homes with sought after amenities will see the most buyer interest and sell for at or over the asking price. However, buyers aren’t going to settle – they want to know that their investment is solid.