Am I missing something or are a very large percentage of today's buyers a very different breed than in the recent past?
As I see it:
Today's buyers want:
-updated features in homes to include:
~flooring
~light fixtures
~appliances
~cabinet finishes
~plumbing fixtures
~high-end countertops
~and much more
Today's buyers do NOT want:
~sculptured two-toned carpeting
~vinyl flooring
~shiny brass light fixtures or plumbing fixtures
~laminate or tile countertops
~wallpaper
~faux painting wall treatments
~white appliances
~anything golden oak
~and much more!
Today's buyers are budget conscious, time conscious and very style conscious. So, forget about marketing your home to today's buyers unless you have changed out the above items and then staged the house. Even a price reduction won't attract today's buyers if they see 1980s and 1990s choices in style, design and décor. Also, forget offering allowances at closing for new flooring, countertops etc. Buyers don't look that far into the future or visualize what this house could be.
The large majority of today's buyers are not looking for fixer uppers or reno' projects. They are getting more and more picky. They don't want to buy a house "as is". They don't want to spend their limited leisure time repairing or waiting for contractors to update. They want to move in, be comfortable and take pride in their surroundings from the onset.
If you cannot provide the upgrades in a house, then in this market, the potential buyers will move on and find a house where the "dirty" work is already done. They want it all and they want it now.
Dream Interior Redesign & Staging by Ginger Foust is a full service staging and redesign company serving the foothill and mountain communities of Oakhurst, North Fork, Coarsegold, Ahwahnee, Bass Lake, Wawona and Mariposa. Visit our website at www.dreamredesigns.com for more information and photos of our work.
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PLEASE feel free to add to my list of what buyers WANT and DO NOT WANT.
Hi Ginger! In our area buyers want turnkey homes with what you mentioned and new windows, doors, new interior and exterior paint, gourmet kitchens-the list could go on....They do not want popcorn ceilings or mirrored walls. Have a great weekend!! Cathy Lee, ASP
Thanks Cathy Lee for adding to the list. Since personally we are willing to do the updates (we are DIYers) that's why we got the condo in Hawaii at a really low price. It does pay off, but you have to be willing to do the time. (-:
You are right, Ginger!
They also don't want too many room in funky colored paint that will equal time for them to re-do.
That's why our jobs are so important to a seller- we help them give the buyers what they want!
Would you take a look at my blog posting about the leopard wallpaper and give me your thoughts? (In light of your do NOT want list *grin*)
Thank you!
~Leslie
Ginger, its all true. "I want what I want and I want it now." AKA "turn-key ready" . . . and then there are those of us who are DIY'ers and love the bargains like you got in Hawaii. Have to admit as I look for a house I not sure I want to do the work! Maybe I'm just getting
oldtired! ;-)Ginger- There was a time when sellers could get out of doing the work by giving a carpet or decorating "allowance", but now most buyers want homes that are "move-in" ready! They don't seem willing to do even the smallest job, like repainting an accent wall!
Great post,I did a column in a similar manner too. People need to be more aware!
Leslie, happy to give my opinion on the leopard print bath. Thanks for commenting here and directing me to your blog post.
Roberta, thanks again for hanging with me friend. Turn-key IS the key today and how many homes that you see are that way? VERY few in my area. We (hubby and I) have sworn that this is our last house because we are tired of the DIY projects that never seem to end...and then came the Hawaii condo. I'm not sure that we can get it all done in the 3 weeks that we've allotted but we have to give it a shot. Actually it makes me tired (and excited) just thinking about it.
Elaine, I know how frustrating this market must be for RE agents. I mean they can't even get away with the tried and true statement..."it's only paint". Everything has such a frequent trendy turnover today, fashion, makeup, furnishings, design...it's tough! It's really too bad that people are made to feel "guilty" for having a perfectly functioning white refrig and dishwasher.
Nicola, I wrote this piece for my newsletter, and for localism. Now if I could just get someone in my area to read. Oh well we just keeping plugging forward.
Today I am having BIG problems with AR comments. posts and general access. Four of my recent comments on others blogs haven't come up...so if I don't get back to you quickly, please understand. Hopefully tomorrow will be better. THANKS.
Hi Ginger, I tell home sellers we consult with that they need to remember that they are competing with lots of new construction right now, so their home needs to look new, fresh, updated and ready to be enjoyed by the new owners! People don't want to take the time and make the decisions that come with re-doing a home and they will pay not to have to do it. Sellers need to do those things before listing if they want to get top dollar and sell their home.
Seems typical of the public attitude in general. If you are staying in your house a while before selling it is hard to keep up with the trends.
Ginger ,
There are a few buyers out there who will be interested in Unique wallpaper, brass, oak, vinyl and even hi/lo sculptured carpeting.
They also want to offer about 50% below the assessed value.
Susan - thats pretty funny! Yes Ginger... and in my immediate area, there are so many new homes on the market... a seller of a home built 20 years ago must be ready to compete --- either aesthetically or in pricing!
Thank you Diana, Gayle, Beth, Susan and Julianna for your comments. Since I posted this to localism I was thinking that maybe this was a local trend, but it sounds like it's across the country. It's too bad for the seller that trends and styles change so quickly today. But as Beth said it does give us an industry. Susan, recently I got a design client and upon walking into her home I thought (she's in her 80's) that she liked those things, but she also hates them and lived with them for 3 years..,now big changes! I think I need to devise a new flyer for agents to send to the clients.
Ginger~ You're spot on with this post. Today's buyers have so much NEW construction inventory to choose from since many areas have a glut of new homes .... so they definitely want move-in ready. I also think it has something to do with younger buyers who are more accustomed to the "instant gratification" lifestyle and don't want to do the work required in a dated home.
Maureen, I'm totally with you about the "instant gratification" lifestyle. In our area new homes are few and far between (no housing tracts) and the spec. builders up here are still using fixtures, countertops, flooring and carpet from the 80's so they aren't selling either. I am seeing a "new" spec. home this week and I know that the owner/seller will not be pleased with what I tell him. When he called this week I implied that he shouldn't let them install their typical contractor grade 1980's light fixtures. But since they will not credit him anything for installing something else he bauked at the idea. We have a glut of homes but they're old or outdated or both. This is not good for our economy. Thanks again for commenting. I'm going to use your "instant gratification" comment in my next flyer, with your permission.
Ginger ~ That's odd that builders don't use current fixtures, but looking at it from a stager's point of view, it could be helpful to your business in that it may lessen the competition from updated "new" when staging dated properties (got to find a positive in there somewhere, right?) Feel free to use my comment, of course! Good luck.
Maureen, thanks for coming back. I have contacted these spec. builders and discussed their outdated fixtures and was blown off by them. I guess they have enough business that they don't need to listen to reason. I'm just about to buy a supply of inexpensive BUT updated fixtures and carry them with me to consults with clients. EVERY one of my staging reports always has to include photos of the types of light fixtures that I recommend (yes, I think our local folks live in the twilight zone) so maybe I should just offer them on the spot. What do you think?
Ginger, You are so right about the golden oak! I have so many home owners who do not want to paint this or re-finish it in any way because it is "beautiful solid oak". But the current owners are the only ones who want it.
Kimberly, I'm almost embarrassed to admit that I still have some golden oak furniture, (fortunately not the house cabinetry) and I SO want to paint it....husband is diametrically opposed. He has the usual manly comment..."you don't paint good solid wood, you're crazy". It will get painted because I'm the one that does the painting but in the meantime I hate it! ALSO I have noticed on Craiglist an abundance of golden and white oak furniture is always for sale. Thanks for commenting.
Ginger ~ That's a good idea about the updated light fixtures. To prevent you from having to haul them around, perhaps you could just carry one as a sample and also include good color pictures of other sizes, styles, etc. Then your client can pay you to buy it for them, or you can include the cost in your staging fees.
Maureen, I'm glad that you agree. I think that I have to do this. My only glitch is that I just can't go to the retailer and pick these up since I'm so far from retailers. But if I always have one available, as you say, and photos of others, that should work. I do try to get to town at least once a week. Thanks again.
I think you are right on. I still sometimes have trouble convincing sellers (and sometimes Realtors too) that they are better off to make the changes than offer the allowance. So many of today's buyers just don't have the time or inclination to deal with upgrades and changes!
Kim Dillon, Creative Eye Home Staging, Chester County, PA
Yes, thanks Ginger for the post. It IS really hard for people to realize that if it ins't broken, they still need to fix it. The market is tough at best and what you are saying is really true. The "instant gratification" (I like that phrase too) buyers of today are looking for new, not just move in ready, but TODAY move in ready.
Hi Ginger, so true. HGTV has really been a big part of why buyers are wanted and expecting houses to have upgrades and be in great condition. They have trained the general public that we all strive to live in "inspiring" houses with upgrades and the latest trends and materials. There is simply no going back. HGTV has 87 million viewers in the US alone 87 MILLION! Their website gets 5.2 million unique clicks a month. Those are huge numbers. We must give the public what they want if we are going to compete. Stagers are here to stay and the industry is growing stronger every day!
Kim, I get it that neither the sellers or the buyers want to do the work. BUT they also will not spend the money to have it done. Selling anything takes some $$ invested to market the product and people are just wishin' and a hopin' their blessed heads off. AND it's not happening for them. It's a hard message to get across. Thanks for commenting.
Terrylynn, I know that if I HAD to sell my house tomorrow it would take A LOT of sweat and $$ to bring it up to "ready to market" standards...thus I'm not selling, EVER. Leave it to the kids. ha. But hopefully the market will be better by then. (-: Thanks again for the Realtor/Stager point of view. This seems to be a nationwide attitude.
Kym, great statistics about HGTV. Yes our information rich world has made us into hungry for the new and trendy as consumers. There certainly is good and bad in that. Going back is what so many sellers and many agents in my area keep waiting for and as you say, I also believe that it is gone. Thanks so much for commenting.
Your title is SO well said! The market is competitive right now, people always want the bang of the bucks. The buyers today are savvy, they know what's out there. They do their homework. Sellers can no longer have that "either you buy it or someone else will so I am not going to do a thing" mentality.
Cheers,
Cindy