What's Driving Buyers To Buy Homes?

In an article by Phoebe Chongchua, The Wall Street Journal is reporting that “affordability” is the top reason for home buying in 2010.

The driving force for buyers has been getting a bargain but low home prices and low interest rates also comes into

WSJ is claiming that buying a home because they didn’t want to rent, was not the driving force. In the San Diego market among the clients we are seeing (Senior/Staff Engineers, Managers, etc) that there are plenty that are seizing low prices to buy and "pride of ownership" is the kicker.

Another influencer was the desire for more living space. According to the Wall Street Journal the survey reported that 28% of the respondents said, “they bought a house because they wanted more living space or a larger property”. However, 11% of those surveyed said that “potential financial growth” motivated them to purchase a home. In San Diego, this continues to hold true. Many of the moves are triggered because kids have grown up and need more room for play.

Real estate experts believe that buyers are still motivated by the potential financial growth, but indeed a good value in the form of low interest rate and discounted home prices is the driving force these days. So, if you are listing your home for sale, focus on value. Detailed marketing materials that showcase your home’s amenities, walking-distance retail outlets, and neighborhood parks and schools will also help create value.

Don’t underestimate the importance of valuable upgrades such as new appliances, water heater, solar panels, green technology, smart wiring for commonly used technology, and, of course, any energy-saving lighting and/or heating/air conditioning systems that you might have installed.

Light up your house as much as possible when showing or holding an open house. Even if you typically keep the shades drawn, open them up, turn on light fixtures and, if you have skylights, make sure they’re clean.

Value increases for buyers the more they can see themselves living in your home. So, make it cozy, comfortable, and attractive. In the bathrooms, hang color-coordinated towels; some fresh flowers in a vase. And if the walls are scuffed, try using a Magic Eraser. If that doesn't work, touch up the paint or paint the entire bathroom.

In the dining room or the kitchen, set the table. But don’t overdress the table. Too much stuff on a table makes it look crowded, small, and can be a turn-off.

Remember, selling your home is about creating value for buyers. That means how you live in your home may not be the way you show your home. You may have to put away a lot of the clutter such as trinkets, family photos, pet toys, electrical cords, kids’ toys, and anything else that is personal to you. By doing this you’ll create a greater chance of buyers viewing your home as theirs. And that's value.

Additional information: http://www.rashidrealty.com/pages/prepare_your_home_for_sale.pdf
Additional information: http://realtytimes.com/rtpages/20110121_homes.htm.

For Buying or Selling, You Need a Teacher that gives you straight answers. For more information on buying, selling, or renting out an income property in San Diego, please call Frank Rashid's cell phone at (858) 676-5250 or email him at rashid@rashidrealty.com. More to follow within the next couple of weeks.