By Mary Ellen Rotondo
It’s still a great time to sell your home: Inventory continues to be historically low, and sales have picked up as average 30-year mortgage rates have softened since their high in October 2023. Interest rates are forecasted to continue falling this year, enabling more buyers to enter the market and to be more selective. As a result, sellers will have to step up their game in a more competitive environment.
Every year, the National Association of Home Builders surveys homebuyers to tease out the most important features buyers are seeking. Some are small projects that you could do yourself fairly quickly and cheaply. Others require more time, money and planning. According to this year’s survey, buyers are opting for smaller homes with unique design touches, like a master bath on the main floor or a front porch. Buyers also want to have plenty of comfortable, well-lit outdoor space and they value nearby parks and walkability.
Here are some of the top features identified in the 2024 “What Homebuyers Really Want” survey:
- Laundry room
- Patio
- Energy Star windows
- Exterior lighting
- Ceiling fan
- Garage storage space
- Front porch
- Hardwood floors
- Full bath on the main level
- Energy Star appliances
- Walk-in pantry
- Outdoor fireplaces or kitchens
- Exposed beams
- Built-in kitchen seating
As the housing market continues to rebound, would-be sellers should think carefully about updating areas of their homes in need of upgrades. Homebuyers are willing to spend big on homes with updated features with higher quality finishes.
The cost of skipping out on making updates can be far greater than the amount of money you might spend on any home improvement project. Getting stuck in time with your home is rarely rewarded financially at sale time. In fact, a home with dated features or deferred maintenance may cause a listing to linger on the market longer. As a result, you’ll likely have to pay ongoing mortgage and maintenance costs longer than planned – at a minimum – and you may be faced with pressure to lower your asking price.
You should ensure your home is in top condition to get the most attention and the highest possible price when you decide to sell. If you want to get the most bang for your buck, focus on features that most homebuyers really want to see and that you’ll enjoy for as long as you live in the home. You should consult with your real estate agent to find out which home features are in high demand and see how you can work one or two things into your budget. With smart planning, you can optimize the value of your home and ensure a good return on your investment.
The writer is a Realtor licensed in Washington, D.C. and Virginia.