11 Home Features Today's Buyers Want Most
The housing market may have temporarily slowed down due to the global health pandemic, but that's no excuse for would-be sellers to skip updating areas of their homes in need of serious upgrades. Real estate has been deemed an essential business in many states. This means plenty of home buyers are still on the hunt, even if it means participating in virtual open houses to accommodate social-distancing mandates. Once lockdowns are lifted, we predict that the housing market will quickly rebound with a strong buyer demand met by limited inventory. "After sheltering in place for a month or more, people will be ready for change in their homes -- or looking for a new one," says Brian Lewis, a real estate broker with New York City-based realty firm Compass.
Sellers should know that most remodeling efforts only increase home values by 50% - 80% of the average project's costs, according to Remodeling magazine's 2020 Cost vs. Value report. For example, the average cost of a mid-range bathroom remodel is $21,377. You'd recoup about $13,680 (64%) of that amount during a resale. However, the cost of inaction can be far greater than the small loss you'll incur on any home-improvement projects. "Getting stuck in time with your home isn't a smart move and is rarely rewarded financially at sale time," Lewis adds. In fact, it may cause your house to linger on the market longer. As a result, you'll likely have to pay ongoing mortgage, maintenance and staging costs.
