Sunday, April 25, 2010

What Buyers Want 2010

Once upon a time in a place long ago named 2006, a laundry upstairs, and a laundry downstairs was desirable, and actually offered in some homes. Kitchens were an entertainment area to be viewed from the great big great room so that family and friends could applaud the gastronomic feats being performed. At least that's what I was told. Kitchens had to be huge open places. And many times, they had to be placed just so in the floor plan. Homes had bells and whistles, lots of them. And many had horns, buzzers, whizbangs, gizmos in addition to the bells and whistles. THAT was when money was free for the asking. When tricked-out homes were not limited to the usual financially favored-- but to nearly anyone. Way back when.

But buyers in 2010 are looking at things very differently. Frugality and simplicity are the new norm. Home theaters are no longer necessary, and neither is a swimming pool. Buyers are looking for smaller, less expensive homes. They're ditching, libraries, studies, formal living rooms, and formal dining roomgs, opting instead for "flex space".

While a roomy kitchen is still desirable, counter-tops and cabinetry no longer have to be top-of-the-line. A casual open area near the kitchen suits today's buyers best. Stacked washers and dryers, smaller closets, are indicative of the smaller, more affordable homes. that are attracting buyers.

And for the resale seller, times are a-changing, too. No longer beseiged with multiple offers, today's resale sellers are faced with buyers demanding much more from them. Buyers are asking for repairs and other concessions. Qualified buyers are somewhat tough to come by in the new financial times, and sellers who want to keep them interested are having to change their attitudes.

So, for the most part, gone are the days of over-indulgence when it comes to today's buyers. It's all about affordabiity.