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What today's homebuyers are looking for

Whether today's homebuyers are young singles purchasing their first house or condominium, seniors downsizing for retirement or families moving up to a larger residence, many share the desire for a home that requires little if any renovation, experts say.

"Buyers are inclined to pay more and get a home that is essentially move-in ready, rather than pay less for a home they must fix up. Sweat equity doesn't have the appeal it did 20 or 30 years ago," said Jeff LaGrange, vice president, RE/MAX Northern Illinois Region.

A major reason for that change, contends Richard Raap, a broker with RE/MAX City, Chicago, is that "most buyers today don't have the time, energy or expertise to do serious remodeling. My two children are like that; they are married, and both their spouses work. There isn't time in their schedules for dealing with much in the way of home remodeling."

Another factor in the equation, according to LaGrange, is that today's buyers often are short on cash because they must make a substantial down payment thanks to lending standards tightened after the housing crash.

While buyers may want a home requiring little or no immediate work, the market realities don't allow them to be inflexible, according to Kat Becker of RE/MAX Advantage Realty, Antioch.

"There's a shortage of homes on the market these days, and the longer buyers spend searching, the more they begin to accept the reality that there are compromises they must make," Becker said.

Along with a home in great condition, many buyers today desire an open floor plan, lots of natural light, ceilings at least 9 feet high and a first-class kitchen, according to Paul Paterakis of RE/MAX Showcase, Long Grove.

"Even buyers who don't cook much want a kitchen that looks like an 'after' picture on HGTV," Paterakis said. "Some of the easiest sales I've had recently were homes with a great kitchen. They might be rather ordinary otherwise, but the kitchens sold the home."

Changing buyer priorities have made some homes harder to sell, said Roger Rossi of RE/MAX Suburban, Wheaton.

"Buyers aren't as interested in McMansion-style large homes as they were a few years ago, primarily because they don't want the added operating costs involved," Rossi said. "And there has been declining interest in older homes. Thirty years ago, a century-old Victorian was considered charming and quite desirable. Now, most buyers want all the modern conveniences and the open floor plan that Victorians often lack."

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