WALTHAM—The real estate market may have had both buyers and sellers on edge for the past year or so as consumers shied away from the continuing increase in housing prices. But last year acted as a correction phase for this phenomenon, and now both buyers and sellers can expect a more level playing field in 2007, said local Realtors.
"People are starting to price their houses right from the beginning, or if they’ve been on the market a while, they are starting to make the appropriate reductions," said Jane Evans, Realtor at Coldwell Banker Residential Brokerage in Waltham.
Finding a perfect match between a buyer and a seller is all about positioning—by way of price, but also by what buyers want today.
The buyer pool is there, Evans said. But what consumers want seems to be evolving.
In the recent past, a kitchen renovation was high on buyers’ wish lists. And although it’s still nice to have a kitchen with stainless steel appliances and granite countertops, the "wow" factor has subsided a bit, said Gary Rogers, Realtor with Re/Max First Realty in Waltham.
Also, sellers may want to be careful with putting a lot of money into a big renovation because it may not mimic the taste of a potential buyer, said Steve Stratford, Realtor at Carlson GMAC Real Estate in Lexington. "Make what you have as presentable as possible," Stratford said.
People don’t mind putting in new kitchen cabinets now that the housing prices are more palatable, Evans said.
Where you may want to spend some money is the bathroom. "Multiple bathrooms are in the highest demand we’ve ever seen," Rogers said.
Another feature home-buyers seem to favor is an open, airy floor plan within the living space. For example, having the kitchen, living room and dining room situated inside a larger open space works well for today’s busy homeowner, agreed Evans and Rogers.
Additionally, Rogers said having an office more centrally located in the house, such as a workstation in the kitchen, is more appealing than a full office secluded in the basement.
Current trends still favor exposed hardwood floors over carpeting, Stratford said. So refinishing that original oak would give you a good return on your investment.
Other areas that the Realtors cited as features that buyers would like most in a house include yard space; ample, but not tandem, parking; size; location and condition.
"Buyers want something well cared for, even if it’s not totally renovated," Rogers said.
This means that it’s important for sellers to stage their houses nicely to appeal to buyers. Staging consists of cleaning away clutter; cleaning out closets and cabinets; taking away trinkets, photos and other personal effects; and having a minimal amount of furniture in the rooms.
A fresh coat of paint is a good choice, too, Evans said. And while Rogers agreed, he suggested steering clear of beige and other neutral colors. "These colors don’t leave an impression on people," he said. Try muted colors in green, red or cocoa to make the room more interesting, he said.
In addition to following the buyer trends in the real estate market, some sellers in the recent past have tried to use gimmicks to sweeten their deals, such as offering a flat-screen TV or plane tickets to a tropical destination with the purchase of the property. "You’re better off offering cash or home warranties to get buyers’ attentions," Evans said.
"Gimmicks don’t work," Rogers said. "What does work is properly pricing your house, staging it and making it accessible for showings when the buyers want to see it."
