Real estate expert Dan Gutfreund shares pro tips and trends for the 2022 real estate market in Metro Detroit
BY KORIE WILKINS
BROUGHT TO YOU BY SIGNATURE SOTHEBY’S
If the last two years have taught us anything, it is to expect the unexpected. And with the real estate season heating up for the spring, local real estate guru Dan Gutfreund, who owns the Dan Gutfreund Realty Group of Signature Sotheby ’s International Realty in Birmingham, said it could be another interesting year.
Let’s jump right in and talk about spring 2022. What are your predictions for this typically busy time of year?
It will be interesting this season to see how the market fares. Increasing interest rates, low inventory and high buyer demand is a perfect storm. I feel that with the low inventory our year-over-year sales will be lower. Sellers are not selling because there is nothing for them to move into. This is the issue. Buyers are locking in rates that they need to secure a home to initiate the mortgage. If the rate lock expires, buyer will open themselves up to a higher interest rate. So, the market remains to be seen. I hope for the best.
For the past two years, buyers have been looking for home offices and outdoor recreation and entertaining spaces. Does that still hold? Any specifics you can share?
Now more than ever, it is important for buyers to really identify what their most important amenities are in a new home. Office workspace is right up there with yard space. Basement renovations are hot right now, home theaters, games rooms, lower-level entertaining has been very desirable. Kitchens have always been a top priority; homeowners are staying in more for dinner so kitchens need to be functional with great cooking appliances.
Are master bathrooms and kitchens still king when it comes to getting the most bang for your remodeling buck? What features are key?
Kitchen and bathrooms are the number one priority for buyers. They have always been the top amenity. With today ’s technology, we have state-of-the-art appliances that can tell you all kinds of information. We now have fridges that inventory your food, tell you when items go stale, generate a shopping list and allow you to one-touch order food items from delivery services. Ovens that have pre-set settings on cooking specific meals. Interaction with your smart phones will tell you when dinner is done, temperature of your turkey etc. These tech-savvy spaces will sell homes.
The question everyone wants to know: Is farmhouse décor dead? What is the next trend on the horizon?
Modern farmhouse is still trending, but we are starting to see more transitional/contemporary with natural tones, less white walls and more shades of beige and browns.
There is a lot of talk about hardwood floors vs. luxury vinyl plank flooring. Is this something buyers care about? What will sell your home?
Hardwood flooring has always been desirable. VPF or vinyl plank flooring is trending for basements and in some cases, builders are using it throughout homes. Pulte has been successful with VPF throughout their homes. It looks like wood but is very durable, especially if you have high traffic or pets.
Paint colors: The past 10 years, everything has been gray. Is that still something buyers want? Or are there other colors making an appearance on wish list? And should you repaint before listing?
Beige is back! Grey is out. For a short moment I was seeing black and white making a comeback, but that has calmed down. Brown and beige warm tones are making a comeback. It creates warmth within. A fresh coat of paint will make any room space look better. I always recommend this if colors on the wall are dated.
Finally, let’s talk about curb appeal. What are some things you can do before you list to make your home’s exterior appealing? What are buyers looking for?
Curb appeal is important. Everything from garden beds and planting, to a fresh coat of paint on your front door — this goes along way. Have your windows cleaned, gutters cleaned out, driveways black-topped. All of these suggestions are relatively inexpensive.