With the economy still in the dumps and gas prices still high, home buyers are looking for different criteria than before when choosing a home.  Sure, they still need 2.6 bedrooms, 1.5 baths and a 3 car garage, but what they are really looking for are features directly related to their day to day finances.

In an article for Inman News, Tara-Nicholle Nelson offers ways to attract new homebuyers in a post-recession economy.

Walkability:  WalkScore.com calculates the "walkability" of cities, neighborhoods and properties in the nation. A home's value increases from $500 to $3,000 depending on how accessible it is.

Public Transportation:  Easy access to decent public transportation is another important feature for commuters. 

Home Values:  The risk of buying a home right now is that prices may still be falling. "On the other hand," says Nelson, "(buyers) may also be able to take advantage of bargain-basement home prices and record low interest rates."  But you need to look at the long and short term risks.

So what factors determine the risk of investment in a certain area?  "(Buyers) want to know how many large employers and industries are in a place, and whether more are moving in or leaving town." says Nelson.  "What the area's population growth, and what's it projected to be over the coming decade?  How hard hit was (this) area in the current recession?"  The harder the hit, the longer it may take for the local economy to stabilize.  

Ability to "Age in Place": This is the newest criteria home buyers are looking for.  "Aging in place simply means to stay in your home as you (or an aging parent) grow older, sometimes with home health care if needed, rather than moving to an institution or assisted-living community." says Nelson.  "Aging in place can benefit individuals, families and communities, and has even been shown to increase longevity and be significantly less expensive than institutionalized care (assisted living can run anywhere from $34,000 to $70,000 a year).

Attract new buyers to your home by considering how these critieria are met with your property and highlight these features in your marketing materials.

Read the full story at Inman News.

photo credit: Funky Tee

Posted in Seller Resources, Headlines

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