Buyers are looking for important features in new homes, such as open floor plans and smart home technology.
NEW YORK – The last few years have been a roller coaster of a real estate market. Historically low interest rates, combined with increased interest in moving to areas with more outdoor space during the pandemic, led to mass movement and inventory, and home prices to record highs.
The housing market has been depressed at best since interest rates rose, but the tide has started to turn in recent months. The national average 30-year fixed mortgage rate will rise to 7.23% for the week ending August 24, 2023, and the National Association of Realtors expects the median existing home sales price to exceed a record high of $413,800. He said that it has been done. Market stagnation is caused by high interest rates, sellers not wanting to change prices, individuals wanting to sell but not being able to afford other homes, and a general decline in inventory related to each of these factors. .
People who are in a position to buy now may be more selective about what they want in a home, especially if they're spending a lot of money. Current homeowners planning to put their home on the market may want to consider these five luxury renovations to make their property stand out.
1. smart home features: It is now common for new home builders to incorporate smart home technology during construction. Advanced home technologies like facial recognition on doors, intuitive home assistants, smart lights and outlets that control your appliances from a smartphone app, and similar products can make your home more inviting.
2. modern open floor plan: Although there has been some shift in buyers seeking homes with clear boundaries, most buyers are still drawn to homes with an open concept. Sellers may want to investigate where rooms can be opened up or walls removed to recreate these features.
3. outdoor kitchen: Luxurious indoor kitchens remain a big draw for buyers, but more and more people are looking for properties that can also make the most of outdoor entertaining space. An outdoor kitchen with a grill, sink, prep counter, and refrigerator or wine cooler may be coveted. If your outdoor kitchen is located near amenities like a spa, grand patio, pool, or other outdoor living spaces, your home will truly invite buyers.
Four. Saltwater pool: Pools have both advantages and disadvantages when reselling. Therefore, sellers should consult a real estate agent before installing a pool simply to make their home more attractive. However, if you already have a pool, changing its setup to a saltwater system may help you win over buyers. Saltwater systems use fewer chemicals, and proponents say the water is smoother and less harsh.
Five. Upgraded Owner's Suite: Buyers will rave about the owner's suite, which also features a luxurious spa bath, walk-in closet with built-in storage, living area, and access to outdoor space.
Selling a home today can be a little tricky, but the features of luxury homes can turn the situation into a seller's favor.
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