The Features That Sell a House in 2023
In the dynamic world of real estate, the features that sway buyers are continually evolving. The things that would sell a house a decade ago or even just a couple of years back might not be what seals the deal today. If you're considering selling your property in 2023, it's essential to highlight the sought-after features that set your home apart in today's competitive real estate market.
Why Buyers' Priorities Are Shifting:
1. Cost-Conscious Buyers: Averse to Fixer-Uppers
In today's market, affordability is at the forefront of buyers' minds. They are increasingly wary of taking on fixer-upper projects that might burden them with unexpected expenses. The cost of renovations, repairs, and upgrades can be overwhelming. Hence, buyers are seeking homes that offer a move-in-ready experience.
2. Avoiding Hidden Costs: Prioritizing Home Inspections
Another reason for the shift in buyer priorities is the desire to avoid hidden costs. Skipping a home inspection might seem tempting, but it's a decision that can lead to unforeseen expenses down the road. In fact, 47 percent of those who waived their inspection ended up regretting it, facing an average of $4,000 in unanticipated repair costs. To protect their investment and maintain peace of mind, buyers are increasingly opting for thorough inspections.
3. Smart Financial Planning: Avoiding Overextension
Buyers in 2023 view their homes as assets rather than financial burdens. They aim to avoid overextending themselves financially. In fact, 23 percent of buyers regretted paying too much for their homes in the past. Today's buyers want homes that align with their financial goals and don't strain their budgets. This shift in perspective is driving them towards properties that offer long-term value and savings.
The Features That Matter in 2023:
1. Assumable Mortgage: Securing Affordable Financing
In the current real estate landscape, an assumable mortgage is a prized feature for homebuyers. Interest rates have reached a 20-year high, and there's no indication of a decline in the near future. As a result, securing affordable financing is a top priority for many prospective homeowners. An assumable mortgage allows the buyer to step into the current homeowner's shoes, taking over the existing mortgage with its interest rate still intact. If you have an assumable loan from just a few years ago, you're potentially offering an interest rate that's less than half of the current market rate. This equates to lower monthly payments and significant long-term savings for the buyer. If your property offers this feature, be sure to highlight it in your listing.
2. Abundant Natural Light: The Elixir of 2023
2023 is the year of light-infused living spaces. Natural light has become the number one must-have feature, as per surveys and publications across the country. It not only makes spaces appear larger, airier, and more open but also enhances mood, increases productivity, and reduces energy costs. To capture the hearts of buyers, maximize the features in your home that optimize natural light. From expansive windows with picturesque views to strategically placed skylights that create a sense of openness, these features are highly desirable. Keep your windows sparkling clean and consider light-toned window dressings. Arrange your furniture to enhance space and openness, switch to soft white lightbulbs free of dust, and schedule showings during the time of day when your home receives the most natural light based on its orientation to the sun.
3. Highly Usable Outdoor Space: A New Normal in 2023
The desire for outdoor living spaces has skyrocketed in 2023. What began as a pandemic-induced trend has become the new normal. Buyers now envision their homes as retreats where they can entertain, relax, and connect with the outdoors. Fenced areas, spacious backyards, comfortable seating, outdoor bars, kitchens, cozy fireplaces, shades, screens, upgraded lighting, integrated sound, and beautiful landscaping are all sought-after features. To attract buyers, enhance your property's outdoor appeal with these elements, and be sure to showcase them when you present your home.
If you're hosting an open house, lead your visitors outside with food and drink offerings, allowing them to experience all your property has to offer.
4. A Versatile Kitchen Island: Beauty Meets Functionality
The kitchen remains the heart of the home, and in 2023, it continues to be a focal point for buyers. Today's kitchens must blend beauty with functionality, integrating on-trend design choices with smart home technology and top-of-the-line appliances. A versatile kitchen island is a major must-have feature. An expansive kitchen island with abundant storage, countertop space, and seating for casual meals and conversations can transform your home. Features like a built-in sink, dishwasher, and wine cooler enhance functionality and appeal. A well-designed kitchen island not only contributes to the aesthetic appeal of your home but also makes daily living more efficient and enjoyable for prospective buyers.
5. A Dedicated Laundry Room: Practicality Meets Organization
In 2023, practicality and organization are highly valued by homeowners. The desire for a dedicated laundry room reflects this trend. A well-equipped laundry room significantly enhances a home's appeal by offering a designated space for laundry-related tasks, maintaining tidiness and providing ample space for washing, drying, folding, ironing, and storage for appliances and supplies. If your home doesn't have a dedicated laundry room, you can improve the laundry area by providing separation with room dividers, area rugs, and shelving.
For homes with a dedicated laundry room, ensure it's outfitted with ample storage, generous countertop space, and a utility sink for added convenience. Don't neglect aesthetics—paint the room with soothing hues and choose aesthetically pleasing laundry baskets and accessories. This attention to detail and organization will resonate with buyers, making your laundry room a sought-after feature that helps your property stand out.
In conclusion, 2023 brings a fresh perspective to home