What Buyers Want In 2023

The Super Bowl is behind us and you know what that means: the spring real estate market is just about here! As we reported last week, active listings and pending properties are already increasing in Santa Clara County. The sales-to-list price ratio is edging up and median home prices are up almost 4.5% month-over-month.

This means that buyers are closely watching those rates, weighing the pros of purchasing now before prices go up any more and the cons of waiting too long as list prices and/or rates rise. Sellers may finally feel more confident in having some choice of where to go with inventory increases, and others are deciding to move-up given the relative nature of selling and buying when prices are more stable.

Are you a potential home seller who is looking to be a buyer’s first choice? Wondering what buyers really want? If you are a buyer… what’s on the top of your list? According to Real Simple magazine, many of the top desired features in a home are not top of budget (okay – maybe one or two items are – like that saltwater pool!). Here is quick list of the reported wants from ‘Top Home Features Prospective Buyers Are Looking for Right Now’ published just two weeks ago.

#1: Drought-resistant landscaping: Less impact to the environment, less maintenance.

#2: EV charging stations: No surprise since the sale of electric vehicles jumped 2/3 last year; homes with EV charging stations often sell 10 days faster too!

#3: Shiplap walls: In the ‘right’ markets’, homes with this feature sell for almost 3% more and 4 days faster.

#4: Quartz countertops: Durable, beautiful, modern… and anti-microbial.

#5:  Matte black hardware and fixtures: Goodbye brushed nickel and stainless steel – hello elegant evening hues in handles, knobs and faucets.

#6: Smart home features: Smart doorbells, smart thermostats, smart sprinkler systems and smart lights are a wise choice that can contribute to a home spending 6 less days on market.

#7: Shaker cabinets: This timeless look is now appearing in listings 55% more.

#8: Natural disaster protection: More important in some regions than others; in California homes with seismic retrofit often sell 19 days faster for 2.4% more.

#9: Luxury vinyl flooring: LVP is a waterproof & less expensive option to hardwood and is preferred over outdated floors by far.

#10: Saltwater pools: Buyers who want swimming pools are becoming increasingly interested in those with less chemicals & less skin/eye irritation.

#11: Textured walls: Limewash, venetian plaster and any organic design elements tend to blend visual interest with a ‘homier’ look & feel.

As the open houses increase in the next few weeks, keep an eye out to see how these buyer wants are revealed in Silicon Valley listings. Our own Homes of Silicon Valley team also has our own list of what buyers want – and what affordable and max ROI (yet minimum stress!) home improvements sellers may choose to make. Please let us know if you want the details!

All my best,

Mark