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Stand Out in a Soft Market
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| January/February 2008 |
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| Stand Out in a Soft Market |
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In this highly competitive environment, home builders who apply creativity in offering above-and-beyond amenities could entice more buyers.
In the midst of a strong downturn, the housing market has left many home builders searching for inventive ideas that will turn browsers into buyers. With a little ingenuity, you can add value to your homes and create a luxury, custom feel without the luxury price tag. Here are a few creative ways to give your homes added “sell appeal,” captivate more prospects and close more deals.
Set a New Standard
So what does it take to turn homebuyers’ heads? In addition to beautiful and functional spaces, consumers need to know they’re getting more for their money. According to the National Association of Realtors® (NAR) 2007 Profile of Buyers’ Home Feature Preferences,1 buyers want to see more features come standard, such as central air conditioning, oversized garages, walk-in closets and outdoor play areas. While some builders are stripping down their new-home features to save on cost and achieve a more competitive price point, you can stand out and attract buyers with added value. If you meet and exceed homebuyers' expectations by offering unique and impressive additions in addition to more standard features, you could sell more homes and boost your return on investment.
Entice With Cost-Effective Amenities
Many buyers have mastered the science of comparison shopping — and even the smallest of details can win them over. So, while other builders may be spending an arm and a leg on expensive design features like vaulted ceilings, gourmet kitchens and bonus rooms, you could capture interest with less costly tweaks to your existing floorplan. For instance:
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Updated ideas in kitchen appliances can be an easy and cost-effective way to put an extra shine on a new home. Consider installing a beverage center, wine rack, drawer dishwasher, custom-controlled refrigerator or steam/convection oven.2
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Finish a basement or garage and give your homes a clear advantage against similar houses with unfinished spaces.
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Upgrade flooring to hardwood or stone tile.
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Add ambiance with decorative painting, textured wall treatments and artistic lighting for a relatively inexpensive way to create luxury appeal.
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Brighten the exterior of your homes by painting with tasteful, yet eye-catching shades to create a distinctive appearance.3
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Offer extended home warranties, prepaid closing costs and other incentives to entice buyers by enhancing the sense of added value.
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Buyers are searching for that perfect fit and will need all the extra motivation you can serve up. Embrace the current marketplace as an opportunity to push your team’s creative limits and raise the bar when it comes to new home value. The amenities you decide on will vary based on factors like target market and price range. But there are many ways you can use your imagination and resources to add a custom feel without the custom price and sell more homes in the process.
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“What Buyers Want,” Dr. Paul C. Bishop, Harika “Anna” Barlett and Jessica Lautz, Realtor.org, Real Estate Insights, Oct. 2007, www.realtor.org/reinsights.nsf/pages/marketintelligence?opendocument,* accessed Oct. 18, 2007. |
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“Hot Features for a Cool Market,” Kay Green, MIRM, Sales + Marketing Ideas, May/June 2007. |
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“Sweat the Small Stuff,” Jenny Sullivan, Builder Magazine, Sept. 2007. |
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Equal Housing Lender. ©2008 Countrywide Bank, FSB, Countrywide Home Loans Division. Member FDIC. Trade/service marks are the property of Countrywide Financial Corporation, Countrywide Bank, FSB, or their respective affiliates and/or subsidiaries. Some products may not be available in all states. This is not a commitment to lend. Restrictions apply. All rights reserved.