March 1, 2012
Real estate agents agree that one of the keys to buying and selling a home revolves around the price of a property. Sellers who price their homes too high are likely to turn away potential buyers, while individuals who bid too low for a home may be hurting their chances. However, a recent Coldwell Banker survey of real estate professionals demonstrates that more home sellers are coming to terms with the need to price homes fairly.
Fifty-one percent of real estate professionals report sellers are getting more realistic about pricing their homes fairly than in prior years. In addition, real estate agents agreed that more sellers said they would be open to making changes to their home to make the property more appealing to potential buyers.
Top home changes
According to the survey results, a higher percentage of sellers are making the most common and effective changes to their homes to increase their chances of selling it. Ninety-four percent are making small improvements to their homes, such as applying new paint and taking steps to remove clutter and other unnecessary items. Another 78 percent of real estate agents say sellers are taking strides to remove personal and sentimental items from the home, another common piece of advice that adds to a buyer's appeal. Lastly 59 percent say home sellers have purchased new furniture or decorations to liven up their homes.
Top buyer requests
While de-cluttering and updating a home is important for an open house, the survey also revealed some of the top characteristics home buyers are looking for when they visit an open house. A modern or updated kitchen came in first place, with 33 percent of real estate professionals saying this feature was important to buyers.
Spacious or open floor plans came in second at 14 percent, while an updated or new bathroom followed close on its heels at 12 percent.
"The survey shows that today's buyers are recognizing the true value of a home," said Coldwell Banker Real Estate president and CEO Budge Huskey. "This shift is critical as we return to the home serving as an investment in our lifestyles where the emotional and psychological benefits are of at least equal value to the pure economic investment."