What Do Buyers Value Most?

When asked what three things home buyers value most, “location, location, location” has long been the traditional response—and with good reason, even today, among most real estate professionals.

In fact, one recent study of 1,000 buyers reported a ‘desirable location,’ including a highly rated school district and proximity to commuter roads and outdoor recreation, can increase a home’s estimated value by as much as 30 percent—or about $100,000 in today’s competitive environment.

But amenities matter.

Among the most highly sought-after features is a remodeled or upgraded kitchen, a recent survey reported, with buyers placing a high value on upgraded appliances, countertops and cabinetry. Investing in a nicely renovated kitchen can add as much as $27,000 in perceived value in the eyes of the surveyed buyers.

More than half of those surveyed also placed high importance on the design and quality of the home’s primary bathroom, specifically an upgraded shower—increasing the home’s value by some $2,600—as well as attractive fixtures, and flooring. Some respondents noted that a nicely upgraded master bath might convince them to buy a home they might otherwise not have considered.

A two-car garage was perceived by respondents to increase a home’s value by $39,000 on average, and even a one-car garage was noted to add some $20,000 in value.

Vaulted ceilings and lots of windows, which add perceived spaciousness, translated into high value for buyers, increasing a home’s value by more than $27,000—far more than the $16,000 sellers anticipated.

Outside, surprising few real estate professionals, buyers look most for a neat exterior and usable backyard space. Interestingly, while there is often an ‘indefinable something’ that makes any home become the ‘dream home’ in the eyes of a particular buyer, the survey revealed that, in general, buyers estimated the value of a typical home at about $20,000 higher than their owners. That is good news in today’s market when it comes to pricing a property.

Written by Barbara Pronin
Copyright 2021 RISMedia
Photo by todd kent