If you’ve been following the news recently, you’ve likely heard about the surge in demand for new homes and the massive bidding wars that were occurring across the nation. While the upward price momentum lasted for a while, HomeLight reports in their Top Agent Insights for End of Year 2021 that buyer burnout combined with a steady rise in inventory is causing prices to level out.
Even with this dynamic, 85% of real estate agents during Q3 said they still feel optimistic about the market and 95% of agents report seller’s market conditions in their territory. This is slightly down from 98% in Q2, however, it’s also up 92% from the year prior.
If you’re thinking of putting your home on the market, here’s a few trends you should consider so your home can catch the attention of buyers and so you can sell it for top dollar.
The outdoor atmosphere becomes more important
With many individuals and families spending more time at home, properties that have outdoor amenities such as backyard enhancements such as elaborate outdoor fireplaces (not to be confused with fire pits) are frequently preferred by buyers. Homeowners that add an outdoor fireplace to their home’s property have increased their property value by nearly $10,000.
In choosing between gas and wood burning fireplaces, your realtor can provide market specific insights, however, 48% of real estate agents report that gas adds the most value in their market, while 44% of agents say wood performs better in their region.
Accessory dwelling units gain in popularity
HomeLight reports that 61% of homeowners use ADUs to house their parents, and 35% report they use them to house their adult children who need temporary housing for financial reasons. A smaller number of homeowners, 16% report that they’re likely to use an ADU for a home gym.
While ADUs are frequently detached structures from the main home, some homeowners build them by converting their garage, attic or basement to be more liveable. While many ADU conversions cost slightly more than the amount they increase a property’s value, since they’re becoming popular, adding one can set your home apart from the competition.
HomeLight found that three most important components of ADUs according to realtors include, a private entrance (recommended by 84%), air conditioning (recommended by 77%) and an in-unit washer and dryer (recommended by 72%).
An increased emphasis on quality
While the housing market is still going strong, the days of buyers frequently waiving inspections to get their offers in before others seem to have passed. 32% of realtors have reported that buyers in their areas are increasingly pushing back on inspection items, and many agents report that buyers are factoring the cost of repairs/improvements into the amount they offer for a property.
Fortunately, you can quickly sell your home as-is or with minimal improvements by selling to an iBuyer. These are services which provide homeowners with direct access to cash buyers, sell their home as-is, and even close in a matter of days. This makes it easy for you to upgrade your lifestyle without the hassle of home selling logistics.