Maybe you're not looking to sell your home in the near future. Or maybe you are, and you're wondering what buyers are looking for these days. While you can always renovate your home to attract buyers, one thing you don't have as much control over is your neighborhood and the features it offers. But knowing how your neck of the woods stacks up could help you determine whether the time is right to list your home.
Millionacres did some digging to see what homebuyers are looking for these days, and according to its spring survey:
- 60% of buyers are looking for a home in the suburbs.
- Nearly 30% of buyers want an urban home.
- A little more than 10% of buyers want a rural property.
But beyond those categorizations, there are other features buyers are hoping to snag in a neighborhood. Here are some you should know about.
1. High walkability
Around 35% of homebuyers agree that a walkable neighborhood is desirable. Not only can living in one save homeowners money on transportation -- either by not needing a car or not needing to drive one all the time -- but it can also be a boon to their health.
2. A cul-de-sac
A little more than 20% of buyers are hoping to live on a cul-de-sac. Doing so generally means less street traffic, and it could be a huge draw for buyers with kids -- that way, their children can play on the street more safely.
3. A gated community
Roughly 20% of homebuyers wish to own property in a gated community. While gated communities generally charge a premium, there's something to be said about living somewhere with controlled access. Gated communities can appeal to seniors and younger families alike, despite the expense.
4. A historic area
A good 10% of buyers are looking for a neighborhood with a rich history. These areas tend to offer more unique, historic homes with charm.
5. An up-and-coming urban area
Around 15% of homebuyers wish to own a home in an up-and-coming area. Buying in these neighborhoods offers prospective owners a chance to snag a great deal on a home and then benefit from increasing gentrification.
6. A downtown urban area
When we think of "downtown," we think easy access to nightlife, jobs, and amenities. It's not surprising, then, to learn that 10% of buyers wish to own a downtown home. The drawback, of course, tends to be more noise and less space -- but younger buyers in particular may be willing to deal with that.
7. A resort area
Close to 10% of buyers are looking to own in a resort area, and it's easy to see why. Resort areas can be a great investment, all the while offering access to nearby amenities and entertainment. These areas tend to come at a cost, though, and they're sometimes restrictive due to the heavy presence of homeowners associations (HOAs).
Around 15% of homebuyers want to live in a neighborhood that's diverse. Gaining exposure to different cultures can be rewarding in its own right, and for those with kids, it's a chance to broaden their horizons.
Now that you know what neighborhood characteristics homebuyers are looking for right now, you may be in a better position to market your home by playing up the local benefits associated with it. And if your neighborhood is not represented on this list, worry not -- we could very well see a shift in the aforementioned results in the coming years. The real estate market is constantly evolving, as are its trends, and if you have an incredible home to sell, you may have no problem finding a buyer even if it doesn't offer the neighborhood features above.