What Buyers Are Willing to Pay Extra For
What upgrades will bring more buyers? And how much more expensive is it to buy a house this year vs. last year? We look at current national trends and see how they apply to the Triangle real estate market on today’s show.
A recent poll showed that millennials and gen Z have plans to move in the next year. Angie says she feels some of that energy in the Triangle as well. It makes sense as many people want to take advantage of the market and figure out their next steps. The seller’s market has a lot of people thinking about moving. Are you ready to move?
According to the National Association of Realtors, the cost of buying a home compared to just one year ago is 40 percent high. The average active listing right now in this area in MLS is around $600,000 which is so much higher than what home prices were even a month or two ago. As more people relocate to this area, we have no lack of buyers in the Triangle.
What is a home upgrade worth? Angi (formerly Angie’s List) compiled a list of upgrades that may pay off when you’re ready to sell your home. A double sink vanity in the bathroom upgraded your price. In the bedroom, an en suite bathroom boosts the price whereas, in the kitchen, a pot filler above the cooktop resulted in an increase. A living room with a fireplace adds the ambiance that buyers are looking for. An outdoor kitchen, especially since the pandemic, has also brought value to a home. Garages and swimming pools are big upgrades that people love now. Fenced-in yards also have an appeal to buyers. Finally, upgraded countertops are always a favorite.
Listen to the entire episode or skip to a particular question using the timestamps below.
0:38 - Are millennials and gen Z set to move?
3:57 - Are buyers being priced out?
7:44 - What home upgrades are worth it?
14:13 - What big upgrades are most popular?
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