The features and amenities that turn heads vary based on location and type of buyer
By Gwen Moran
As you’re evaluating a home’s selling potential, you’ll likely check out the neighborhood, schools, and home features and condition. But you might also want to look at the local grocery chain.
Research by ATTOM Data Solutions found that homes near a Trader Joe’s grocery store appreciated faster (67%) than those near Whole Foods (52%) or Aldi (51%) and also had higher levels of equity. But for buyers who intend to flip their home purchases, the research found that flipping a home near an Aldi yielded a bigger average return (69%) than those near a Whole Foods (41%) or Trader Joe’s (36%).
Of course, neighborhood features like this are part of a bigger picture when it comes to home valuation, but certain trends and preferences are affecting buyer preferences, and they may be willing to pay more for certain home details or nearby amenities. Some trends, such as a neighborhood’s “walkability,” have been affecting home sales in many communities, especially among certain buyer segments.
“We have a city here called Dunedin, and it has exploded over the past three years because of its walkability,” says Darlene Sheets, CRS, a REALTOR® with Future Home Realty in Seminole, Florida. Within steps, residents can find a yoga studio, craft beer joint or stunning water views, making it a popular place to buy. Paying attention to the trends and priorities of various buyer segments can help you highlight the features that buyers want most.
First-timers
Young professionals buying their first homes may be single or coupled, but they often have a few common features in mind, says Katherine Waters-Clark, CRS, a REALTOR® with Compass Cambridge in Cambridge, Massachusetts. They may have been renting and want more control over their surroundings—but they still want proximity to their favorite night spots, gyms and other amenities. “They are ready for a transition, which includes more peace and quiet, but they don’t want to be as suburban as their parents,” she says.
Be sure to highlight: Dog parks, walkability, green spaces, gym access, easy access to work centers and commute time (if under 45 minutes), mass transit options, trendy local eateries and shops, and highway access for getaways.
Young families
Buyers who have young children, or are planning to have them in the near future, are focused on the kids. “They are looking for proximity to the schools, parks, community centers and similar kinds of neighborhood features,” says Raymond Vasquez, CRS, broker associate with Truman & Co. in Key West, Florida. In his area, young families want to be on the water. In areas like Waters-Clark’s, homebuyers are looking for community, lifestyle and options for their children. If one or both parents commute, highlight public transportation options. A recent National Association of REALTORS® report found that homes near public transportation commanded prices 4% to 24% higher than those without such options, depending on the region.
Be sure to highlight: High-quality daycare centers, walking-distance or easy-to-access places to meet friends for coffee, backyards, well-lit parks and green spaces, public transportation, and extra bedrooms or bonus rooms that can be used for play areas.
Up-and-comers
Affluent buyers who can afford their “dream house” are searching for homes. They typically want homes that are move-in ready, says Waters-Clark. With higher-priced houses moving slower in her markets, buyers can be fussier. Affluent buyers do not have time for or interest in a big renovation. They want updated kitchens and bathrooms—and definitely an en suite option in the master bedroom, she adds.
The features these buyers want may vary by location. For example, for those with older children, good schools and summer activity options are important. In her Boston area, a swimming pool isn’t a high-demand item, while it may be sought-after in Florida or California.
In Vasquez’s Florida Keys area, where driveways are scarce, simply having an on-property place to park a car could add as much as $200,000 to a home’s value.
Be sure to highlight: Recent renovations, luxe touches like upgraded countertops, popular options in the area, highly rated schools and youth sports programs, and summer camps.
Downsizers
Once the kids are out of the house, many buyers want to simplify and downsize. They are searching for smaller, maintenance-free options, says Waters-Clark. Also, if the buyers are a little older, they may want to find built-in communities and live in the heart of bustling areas where there is activity and a chance to make friends and connect with others, Vasquez says.
Be sure to highlight: Local community centers, eateries, social clubs, places to socialize and make friends, walkable shopping and entertainment options, and maintenance-free features.
Of course, every REALTOR® should tailor their home presentations to a buyer’s particular needs, but understanding some of the larger trends and preferences that buyer segments reflect can spark ideas that might just make the sale.
For more information on market trends, go to attomdata.com, and click on news/market trends.
