Realtor Octavia Melly shines a spotlight on what buyers want as the spring market approaches
In 2023, high interest rates and limited inventory created a challenging landscape for buyers as consistent demand continued to prop up home values for the third consecutive year. Even so, strategic pricing continued to be crucial for sellers. Buyers in Greenwich are incredibly market-savvy and overpricing a home can be damaging to a seller’s efforts. Now, with mortgage rates trending slightly lower and the “spring market” on the horizon, there’s optimism for increased inventory offering buyers more choices.
For buyers, it’s important to focus on factors that are unchangeable, like location, ability to add value to the home, and natural light. The most important of these is location — buyers pay close attention to school districts, ability to commute, proximity to grocery stores, restaurants and shops — and whether a neighborhood provides privacy or walkability depending on preference. Next, what are the dynamics of the property itself ? Is it flat and grassy or riddled with wetlands? How large is the lot and how does that relate to square footage for F.A.R. (Floor Area Ratio), greenspace requirements, and setback considerations? Can you expand the home’s footprint or add a pool? Discerning buyers seek upside potential, especially if they perceive market prices to be at or close to their peak. Finally, many first-time home buyers are coming from New York City, where natural light is in high demand. They’re used to large windows and high ceilings in high-rise apartments to maximize sunlight. Because of this, low ceilings can be a major turnoff for today’s buyers from the get-go. South-facing light is always a bonus. Though turnkey homes represent the most expensive type of home to invest in, today’s buyers also live very busy lifestyles and place a very high value on their time. With high labor and material costs for renovation and lengthy timelines to complete, today’s buyers can’t help but love the turnkey home. Some buyers are open to cosmetic updates provided the pricing reflects the necessary investment of both money and time. They prioritize open kitchen/ family rooms over formal dining and living rooms. They look for good flow for entertaining, dedicated office spaces, and additional bedrooms for visiting family or live-in childcare. Pools are a must for many, but some buyers with young children prefer additional yard space, especially if they plan to join a nearby country club with a pool. Luxury buyers seek additional amenities or outbuildings for guests, or detached offices, Pilates studios, party barns, gyms and squash courts. If a home is in a fabulous location but needs work, a neutral and well-presented aesthetic will go a long way with today’s buyers. Decluttering, strategic staging and a neutral color scheme can help attract potential buyers who are priced out of turnkey homes in their desired location. As Greenwich continues to evolve, a nuanced understanding of these buyer preferences empowers both parties to navigate the market successfully. 615-500-2388 cell, omelly@houlihanlawrence. com