Are you preparing to sell your home? If so, you’re probably concerned about receiving a decent offer in this unfavorable market. Rising inflation and low inventory have substantially increased real estate prices and interest rates. These significant changes have caused prospective buyers to shift their priorities to invest in properties with more cost-effective solutions to reduce the cost of homeownership.
Selling your property in 2023 isn’t impossible. However, it will require sellers and investors to meet buyer expectations and ultimately help them save money. Continue reading for advice.
Safety And Security
Inflation isn’t the only thing on the rise in the US. Crimes ranging from package theft and assault to hate crimes and mass shootings are increasing at alarming rates. As your home should serve as a haven, buyers prefer to purchase a property that provides adequate protection. It’s also worth pointing out that home security features can also save homeowners money on insurance.
How secure is your property? Sellers are encouraged to consider these enhancements beyond quality doors and windows to meet buyer demands.
- Security Systems – Installing a home security system with cameras, motion sensors, and flood lights are ideal. In this digitally-inclined society, opting for systems that connect to smartphone apps for better automation and control is best.
- Lighting – While crime can happen anytime, most heinous acts occur at night. Installing permanent security lights around the premises provides peace of mind for prospective buyers.
- Landscaping – A property’s surroundings can also increase occupant vulnerabilities. For instance, trees and shrubs next to windows create a place for thieves to hide or access a residence. Hiring a landscaper to remove these hidden dangers can enhance safety and security.
Energy-Efficient Upgrades
It’s virtually impossible to overlook the impact of modern-day living on the environment. Record-breaking natural disasters, global health crises, and the destruction of natural resources have prompted many to want to step in and make a difference.
Today’s buyers prefer to move into a residence with energy-efficient features that will reduce their carbon footprint, conserve resources, and save on utility bills. Below are a few investments to consider to meet buyer expectations in 2023.
- Energy-Star Rated Products – Installing windows, doors, and household appliances with a positive Energy Star rating will automatically get you bonus points from modern-day buyers.
- Water Conservation Devices – When renovating the bathroom and kitchen, consider installing faucets, toilets, and showers that reduce water consumption and save buyers money.
- Solar Panels – While solar panels are a sizeable investment, the return makes it worthwhile. Statistics show that property value increases by approximately $6,000 per kilowatt of panels installed. There’s also good news for buyers, as they can lower their energy bills by thousands of dollars a year.
Smart Technology
The lifestyle of the average American is hectic. Ultimately, buyers are looking for properties that make their lives easier to manage. Smart home technologies offer a practical solution. It enables buyers to automate everyday routines, saving them time and, in some cases, money. Here is a look at some additions to consider adding to your property to attract buyers:
- Locks – As security is a priority, installing smart locks on the windows and doors of a property is an attractive feature that buyers will appreciate.
- Digital Thermostats – Digital thermostats have evolved in the past few years to include features that make regulating household temperatures a breeze. Users can monitor and adjust their thermostats from virtually anywhere using their smartphones.
- Outlets- Being “plugged-in” is a must in modern-day society, as just about everything we use requires an electricity source. Installing smart outlets ensures homeowners can plug in their devices safely. With automation features, users can remotely turn devices off and on to conserve energy and save money.
- Smart Kitchen Appliances – An upgraded kitchen will attract buyers, but a kitchen with smart appliances takes the cake. There are refrigerators, stoves, and microwaves with advanced features that assist homeowners with tasks like preparing meals, regulating food temperatures, and creating accurate grocery lists.
There’s no denying that the real estate market isn’t ideal for buyers. However, that doesn’t mean you should hold off on selling your property in 2023. Sellers and investors must ultimately make upgrades to keep up with buyer demands. The above suggestions will save prospective buyers money and simplify their lives, increasing the likelihood of you getting an offer you can appreciate.
