What matters most in properties to Home Buyers?
Member since 2020 · 46 posts · 5 votes
What matters most in properties to Home Buyers?
Most Popular Reply
Realtor · Longmont, CO · Member since 2021 · 577 posts · 631 votes
4yI think that this is market specific and largely depends on the buyer. I also think that some of these things have diminishing returns for people.
To focus on one on the list, neighborhood, different buyers have different desires for their neighborhood, not all of which drive up price. I would not want to be in an urban area, I also do not need incredible schools, but I do want a quiet area. With regards to diminishing returns, in the South Denver area, there are two municipalities, Cherry Creek and Cherry Hills Village, that the typical person does not know are two different areas. That being said, the typical home value in Cherry Creek is about 950k and the typical home value in Cherry Hills Village is 2.8 million. Most people, if they had 2 like kind homes, would not consider there to be enough value to be in Cherry Hills Village, but for a small segment of the market, paying 3 times as much for a home, is an acceptable trade off to get into Cherry Hills Village.
What I would say, is one of these area's is lacking compared to the others, that will substantially hurt your market value, especially as today's buyer gets more picky.
7 Replies
- Realtor · Longmont, CO · Member since 2021 · 577 posts · 631 votes4y
I think that this is market specific and largely depends on the buyer. I also think that some of these things have diminishing returns for people.
To focus on one on the list, neighborhood, different buyers have different desires for their neighborhood, not all of which drive up price. I would not want to be in an urban area, I also do not need incredible schools, but I do want a quiet area. With regards to diminishing returns, in the South Denver area, there are two municipalities, Cherry Creek and Cherry Hills Village, that the typical person does not know are two different areas. That being said, the typical home value in Cherry Creek is about 950k and the typical home value in Cherry Hills Village is 2.8 million. Most people, if they had 2 like kind homes, would not consider there to be enough value to be in Cherry Hills Village, but for a small segment of the market, paying 3 times as much for a home, is an acceptable trade off to get into Cherry Hills Village.
What I would say, is one of these area's is lacking compared to the others, that will substantially hurt your market value, especially as today's buyer gets more picky.
- 4yLien VuongBusiness MemberReal Estate Agent · Boston, MA · Member since 2018 · 2k+ posts · 1k+ votes
I can speak of Boston market and working with buyers -
Price
Property Size
Internal Layouts
Locality/Neighborhood
Future AppreciationQuality of Construction
Accessories
Project AmenitiesThe first 3 are definitely very important and really determine the 'value' of the opportunity in the sense that it has to offer the right price and rental yield with a good layout to be able to execute on it.
The Elle Group5152 Reviews - Member since 2020 · 46 posts · 5 votes4yLien Vuong, Appreciate your valuable inputs.
Quote from @Lien Vuong:
I can speak of Boston market and working with buyers -
Price
Property Size
Internal Layouts
Locality/Neighborhood
Future AppreciationQuality of Construction
Accessories
Project AmenitiesThe first 3 are definitely very important and really determine the 'value' of the opportunity in the sense that it has to offer the right price and rental yield with a good layout to be able to execute on it.
- Member since 2020 · 46 posts · 5 votes4y
Quote from @Nathan Grabau:
I think that this is market specific and largely depends on the buyer. I also think that some of these things have diminishing returns for people.
To focus on one on the list, neighborhood, different buyers have different desires for their neighborhood, not all of which drive up price. I would not want to be in an urban area, I also do not need incredible schools, but I do want a quiet area. With regards to diminishing returns, in the South Denver area, there are two municipalities, Cherry Creek and Cherry Hills Village, that the typical person does not know are two different areas. That being said, the typical home value in Cherry Creek is about 950k and the typical home value in Cherry Hills Village is 2.8 million. Most people, if they had 2 like kind homes, would not consider there to be enough value to be in Cherry Hills Village, but for a small segment of the market, paying 3 times as much for a home, is an acceptable trade off to get into Cherry Hills Village.
What I would say, is one of these area's is lacking compared to the others, that will substantially hurt your market value, especially as today's buyer gets more picky.
Nathan Grabau, you have a very valid point. What makes sense in a property is so much individual specific; property which may be Dream Home for me may not be for you due to your criteria in it.
But again wont Finance and Actual Property size along with Location be on top for majority of buyers unless you have money to invest in upmarket neighborhoods like areas you have mentioned as an example.
Appreciate your valuable insights. - Realtor · Longmont, CO · Member since 2021 · 577 posts · 631 votes4y
Quote from @Vijay Kurhade:
Quote from @Nathan Grabau:
I think that this is market specific and largely depends on the buyer. I also think that some of these things have diminishing returns for people.
To focus on one on the list, neighborhood, different buyers have different desires for their neighborhood, not all of which drive up price. I would not want to be in an urban area, I also do not need incredible schools, but I do want a quiet area. With regards to diminishing returns, in the South Denver area, there are two municipalities, Cherry Creek and Cherry Hills Village, that the typical person does not know are two different areas. That being said, the typical home value in Cherry Creek is about 950k and the typical home value in Cherry Hills Village is 2.8 million. Most people, if they had 2 like kind homes, would not consider there to be enough value to be in Cherry Hills Village, but for a small segment of the market, paying 3 times as much for a home, is an acceptable trade off to get into Cherry Hills Village.
What I would say, is one of these area's is lacking compared to the others, that will substantially hurt your market value, especially as today's buyer gets more picky.
Nathan Grabau, you have a very valid point. What makes sense in a property is so much individual specific; property which may be Dream Home for me may not be for you due to your criteria in it.
But again wont Finance and Actual Property size along with Location be on top for majority of buyers unless you have money to invest in upmarket neighborhoods like areas you have mentioned as an example.
Appreciate your valuable insights.I think it is important to know what you are trying to do and what market you are in. If price was actually people's top consideration, everyone would live in rural Ohio.
- Investor · Van Isle · Member since 2021 · 455 posts · 226 votes4y
Every home that is owned, had a buyer who's needs were met. The segment of 'buyer' is so broad, that a single criterium of 'for sale', reaches that entire segment. Anything else is dependent on further segmenting the market.
If you need the answer to your quest, look to the MLS to see if you can obtain stats on user searches. There likely is no better data available.
- Deland, FL · Member since 2017 · 2k+ posts · 1k+ votes4yWhat sold for top dollar and the quickest in the area simply do the same thing
Quote from @Vijay Kurhade:
Hi,
As a expert in real estate marketing/sales how will you rank following property characteristics from an Buyers perspective.
Property Size
Quality of Construction
Internal Layouts
Accessories
Price
Project Amenities
Locality/Neighborhood
Future Appreciation.
Thanks in advance.Regards-
Vijay
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