I take many buyers out and I know from experience what the vast majority of them are looking for. Here is what today's buyers want and some of the reasons they want it.
The majority of today's home buyers want move in ready, updated homes in Metro Detroit. This trend has come about in the last 7 to 10 years. I would say it came about the same time granite counter tops came in. So why do buyers want move in ready updated homes? There are several reasons in my opinion that this change has come about.
1.) Today's fast paced two wage earner life style Today's lifestyle is much different than it was in the 1960's to 1990's. Our lifestyle is much faster paced now. There were more spouses that stayed at home years ago. Now it is normal for there to be two wage earners in a household. So you have two 9 to 5 wage earners, add in kids, and normal family, work, and religious functions..... you have a very busy life style. Today's home buyers would rather not do home repairs themselves. Most do not want to spend their free time working around the house. They want to go out to dinner, do things on the weekend rather than work on the house. They are busy driving the kids back and forth to sports activities. The first reason why buyers want move in ready updated homes is lack of time in today's fast paced home buyers lives.
2.) The norm. Today's younger generation has been given many things growing up. They want what their parents have. It is a little bit of "keep up with the Jones". They see on TV nice homes, great lifestyles and they believe they should have it. You do not see run down or just average houses on TV programs. If anything you see opulent large homes that most people do not have. It is the buyers dream to have that beautiful house.
3.) Lack of money. Whether it was years ago or today most home buyers do not have much money after they buy a home. After saving money for a down payment and paying closing costs there is just no money or very little money left over after closing. So how would the buyer pay for updates, or to pay for new flooring or paint? The buyer cannot roll the costs of updates into the mortgage unless they do a FHA 203K. So todays buyers want the updated home and rather buy it updated than wait to do it when they save the money. That is why Michigan home buyers want move in ready updated homes. They do not want to save to update that kitchen, when they can buy a home with it already updated. This leads into the next reason why buyers want updated move in ready homes.
4.) Instant gratification. Today's home buyers see what their parents have, see what their friends have and they want it now. We have spoiled our kids in some ways giving them things. Some kids really do not have the concept of money until they buy a home. So many young home buyers want the beautiful home as their first home. They do not want to wait for it. Or have to save for years to get that kitchen or bathroom update. Think about it in a buyer's shoes. Do you buy a home with no granite when you can buy a home with granite for a few bucks more or at the same price. Which one would you buy? Are you going to buy the house that is painted nice and has newer carpet or are you going to buy the house that needs $4000 of flooring that you can't afford right away? Which one do you thing the buyer is going to buy?
5.) No Know-how. Back in the 1950's, 60's, and 70's there was a greater percentage of high school students that worked after school, weekend, and summer jobs. Many of today's kids have the luxury of not having to work in high school. So many of us worked in construction, landscaping picking up skills that are helpful in household repairs and working around the house. You would be surprised at how many kids have never painted or cannot identify or name tools. So there are more of today's buyers that do not have the knowledge to do the repairs. They have to hire it out or learn for the first time. HOWEVER todays buyers have something we never had. YOUTUBE has a video on how to do anything. So a young home buyer can learn how to do these things by watching a video on youtube. It is an amazing reference tool.
These 5 factors affect the sale of your home because an updated move in ready Michigan home will sell quicker. Do not discount this fact. If you chose to make light of it and not make home your move in ready or update you are going to lose money. You are not going to get as much as you could have gotten.
I want you to get every bit of money possible for your home. Todays buyers are much different than buyers years ago. Understanding today buyers is important. It may change you thinking of what you have to do to list and prepare your home for sale. I sold over 85 homes in 2016.... can I help get your home sold this year?