“I’d say the biggest problem is that the [first-time] buyers are typically more often than not swayed by some of the things we would term to be aesthetics… It could have a beautiful kitchen, but it could be a piece of crap.”
– David Phaff, president of the Albany, N.Y.-based brokerage David Phaff and Associates, in a story from today’s Tribune about first-time buyers. Phaff’s comments mirror some discussion we’ve had around the Yo office lately about how much (or how little) buyers care about specific finishing styles and brands. When even the cheapest rehabs have granite countertops and 42-inch cabinets, which kitchen and bathroom details actually play into your decision? Do you spend much time worrying whether it has Grohe or Kohler fixtures, or Viking or KitchenAid appliances, or do you even care?
IMHO most first-time buyers don’t really know the difference between brands other than their prices, so naturally a lot of them will think that the higher the price, the better the quality. A little joke among us agents is that today’s buyers want top-of-the-line stainless steel refrigerators in which to store their leftover takeout food and high-tech microwaves in which to reheat the stuff (along with popcorn) the next day.
What really bothers me is that in the last 5 years or so, there has been fewer and fewer options offered to buyers of new or rehab homes. Not so long ago there’d be a “standard” kitchen package (laminate countertops, black or white porcelain appliances) and an “upgrade” (granite/stainless). The buyer could mix-and-match as their tastes and budgets dictated.
But somewhere along the line “upgrade” became “standard” – and not only are the buyers confronted with an expensive kitchen that they may not really need, they can’t even pick out colors and finishes! So it’s either the brown-based granite surfaces, dark cherry cabinetry, and Sub-Zero megafridge or nothing!
And we wonder why stuff isn’t selling. Maybe too many overdone and overpriced units that aren’t giving people what they want? (And, isn’t that what any business is really supposed to be all about? Remember Marshall Field’s slogan?)
Local REaltor
How much choice do buyers really want? It’s been the experience of many a developer that buyers, especially first-time buyers, feel much more comfortable letting the developer pick a coherent set of options and finishes rather than having to stumble through the process themselves.
You see this even in multi-million dollar homes on the North Shore, where the buyer has no options and the home is move-in ready.
I think developers have been responsive to their customers, and that the majority of those customers don’t want to be faced with many options.
One factor in all of this, I suspect, is that the one-size-fits-all package enables the developer to offer much higher standards at a lower cost.
The more interesting question is whether granite countertops can cause lung cancer …
i don’t think granite counters cause lung cancer as long as you stop licking them…
Or smoking them…
Maybe it’s a “girl thing.” I like being confronted with a variety of colors and being able to pick out a unique color scheme!
I like to design what I like and force it down the throat of consumers. Muah hah hah haaaaaah!
UptownR
How do you “force” a home down a consumer’s throat?