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News » Industry News » February 2012 »

Real estate market could be more competitive this year, survey finds

A growing number of current homeowners could be more inclined to competitively price their homes during the course of 2012, according to a recent survey of industry professionals conducted by Coldwell Banker.

The survey, which examined the opinions of 600 agents from the company, found that 51 percent of sellers are now more willing to account for current real estate conditions when pricing their homes, which could increase closing solutions.

Meanwhile, one major selling trend that the survey uncovered was sellers' efforts to cut down on the amount of clutter in their homes in order to make them more appealing to buyers. The survey found that roughly 94 percent of them have this initiative. In addition, 78 percent said they would make an effort to de-personalize their homes to promote more interest among buyers.

"De-personalizing and making it easy for a buyer to imagine him or herself living in the property is crucial, especially when there are many homes on the market," said Coldwell Banker consumer specialist Jessica Edwards. "Within the past year, sellers were more willing to price their homes competitively and took my advice to make their home inviting and appealing to a broad cross-section of potential buyers."

Additionally, a number of homeowners will make the extra effort to make their homes appeal to buyers by going out and buying new furniture and other decorations to give a good impression. 

While what buyers are looking for in a home tends to change very rapidly from year to year, the survey also covered what these individuals will be looking for in a property this year. The survey indicated that 33 percent of buyers will be interested in an updated kitchen, noting that it is the most important feature of the home.

"The survey shows that today's buyers are recognizing the true value of a home," said Coldwell Banker president and CEO Budge Huskey. "This shift is critical as we return to the home serving as an investment in our lifestyles where the emotional and psychological benefits are of at least equal value to the pure economic investment."

Meanwhile, 14 percent of buyers said they would be looking for a home with an open floor plan, while 12 percent said they would be looking for a house with updated bedrooms or bathrooms. 
     
In contrast, as a testament to the current state of the real estate market, only 1 percent of prospective buyers said they would feel an entertainment room or finished basement would be a major buying point of a home.

2012-02-21 17:02:32