When you were shopping for your home, I doubt you were thinking about how hard (or easy) it would be to sell someday. The fact is, that your home's value is dependent on current homebuyer demands, which changes when prices get too high. But that is for all homes, so what's new!?
Just as markets change, so do the buyers. In good times, we have buyers of all types and price ranges coming out of the woodwork to purchase a home. But in times like these, buyers start to cool off after hearing that home values are softening. This mentality is what makes certain types of homes instantly lose value. This mentality isn't necessarily bad since it's probably helpful in other areas of our lives, but this causes most people to take a "wait and see" approach. Especially if you see homes around your neighborhood sitting on the market for too long and not selling.
Just like the leftovers in your fridge, buyers may not take a bite out of a house that has sat on the market for too long.
A good example is a large 3 bedroom home. This is a WANT based floor plan, not a NEED. This type of home is somewhere between 1,900 to 2,300 sqft. Big enough where it really should have a 4th bedroom, but instead has an extra living room or formal dining room. Follow how the average sales price has fluctuated over the past 2 years.
Then compare it with a NEED based floor plan, the same square feet but with a 4th BEDROOM.
The best shot you have at owning a home with rock-solid value is a NEED based floor plan and decent, slightly above average upgrades and finish out. There truly is no such thing as a recession-proof property, but I can tell you which homes will keep or lose value based on the layout and amenities.
So, if you have a home with wasted space, you have options! Before selling, our pre-listing process involves how to take some of the extra space in your home and give it a real purpose. After all, that's what buyers want. And if you give buyers what they want, you will get what you want!
Read more on our unique approach to selling homes like yours RIGHT HERE!