I found an interesting report on What Buyer's Want & Don't Want in 2008, written by real estate expert and author Mark Nash.  Among his list were some significant trends, which I wanted to further elaborate on.

What's In:

Buyer's Rule:  With an overwhelming amount of inventory in the housing market, buyers have the upper hand.  They are savvier and more particular in what they are looking for in a home.  More buyers are looking for updated kitchens and baths, which can either make or break a deal.  When buyers walk into homes with dated kitchens and baths, two things can potentially happen.  (1) They're overwhelmed by the amount of work to be done and move on to the competition, or (2) They consider the amount of work that needs to be done to update the home, but generally overestimate the cost of the project.  Unfortunately they immediately start deducting away from the asking price, and consider making a low ball offer. 

What a lot of sellers may not realize is that by investing a little money in updating kitchens and baths before selling, they will come out ahead in the long run. It will keep their house in the competition and buyers will see the value in the asking price. It's not always necessary to spend a lot of money completely gutting and renovating a kitchen or bath to gain successful results.  There are several options for giving kitchens and baths an updated look or "stylish facelift" that don't carry a high price tag.  Some of these options can be as simple as painting cabinetry, and replacing hardware or lighting fixtures with something with a more modern look.

A Home's Carbon Footprint: Buyers are looking for eco-friendly or GREEN homes.  This can be anything from looking at energy efficient designs, to upgrades in the home such as low-flow plumbing fixtures and energy efficient appliances.  When you're reviewing your list of home improvements, consider options that are eco-friendly.  Please keep in mind that there is a lot entailed to being actually certified as a "Green Home", but there are certainly options for improving your home to be more environmentally friendly. At Sold By Design, we make recommendations such as using low to NO- VOC paints, upgrading to Energy Star appliances and Heating/Cooling Systems, using CFL's, and options for replacing flooring and countertops with more environmentally friendly materials.

What's out:

Unrealistic Home Sellers:  Sellers with overpriced homes and unwillingness to be flexible with buyer's needs are going to be passed up for the competition.  The combination for selling your home in today's market is: realistic asking price + preparing the home to show at its absolute best + willingness to accept contingencies + willingness to offer closing-cost givebacks.  Let's face it; the real estate market is tough.  If you're not willing to be realistic, flexible, and ready to put your best foot forward, you better have a lot of patience because your house is going to sit unsold for a long period of time.

Empty Homes for Sale: Mr. Nash reports that at least one quarter of the homes on the market in 2007 were left vacant.  He also states that although Staging became the buzzword and attempted solution for these vacant homes, it wasn't always done properly.  Staging is much more than leaving behind a few accessories and mismatched furniture items in the home.  There is an art behind Staging.  Accessory and furniture items are carefully selected and placed in a home to help highlight its selling features for potential buyers.  Staging requires special attention to balance, function, flow, and scale of the items placed in the home.  When done properly, Staging turns a lifeless vacant home into a warm and inviting space.  Buyers will linger in the home longer, thus being able to make more of an emotional connection to the home and imagine themselves living there.  Remember that part of the winning combination to selling a home is ensuring that it's showing at its absolute best.  After a long day of house hunting, buyers will remember a well staged home over an empty one.

For the full report written by Mark Nash, visit HGTVpro.com.

For more information about Sold By Design, please visit our website.  Our Home Staging, Interior Redesign, and Virtual Tour services are available to the Tampa Bay area.  We are located in the St. Petersburg / Clearwater area of Pinellas County.