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REALTOR®: NAR Buyers’ Survey shows homebuyers keen on oversized garages

Wednesday, September 12, 2007

According to the 2007 Profile of Buyers' Home Feature Preferences released by the National Association of Realtors®, more home buyers want garages with two or more spaces in their homes. Air conditioning, hardwood floors and granite countertops also rank high in the list of preferences of home buyers today.

Since the last survey in 2004, oversize garages saw the biggest growth in terms of what recent buyers considered very important in a home, gaining 16 percentage points to 57 percent. Among buyers who purchased homes without this feature, 56 percent of them said they would have paid more for an oversize garage, compared to only 6 percent in the 2004 survey.

Other priorities for today's home buyers include air conditioning, with three out of every four respondents ranking this as "very important," and a walk-in closet in the master bedroom, which was very important to 53 percent of respondents. Hardwood floors and granite countertops each gained 7 percentage points from the 2004 survey, with 28 percent and 23 percent, respectively, of buyers viewing these features as "very important." Gaining 6 percentage points was cable/satellite TV-ready, at 46 percent.

The survey reports responses from buyers who purchased homes in 2006. Home buyers were asked about 75 features and room types to assess the importance of each.

"Realtors see hundreds, if not thousands, of houses with their buyer clients every year and know exactly what buyers are looking for in a home," said NAR President Pat V. Combs. "This insight is one more way Realtors add value to the real estate transaction and why nearly eight out of 10 recent buyers used a real estate professional when buying their home."

Home buyers in the local area have become more selective about a home's features, according to Dave Tonna, a Realtor with Alain Pinel Realtors and a Silicon Valley Association of Realtors board director.

"These days, the typical home buyer is looking for a home that is in move-in condition," said Tonna. "The more features a house has, and if it is well-priced, the more chances it will sell quickly. Homes with energy efficient features, hardwood floors, granite counter tops in the kitchen, central air conditioning are all assets, as are extra rooms like an office or library."

The NAR survey shows energy efficiency was more important to new-home buyers than buyers of existing homes, with 65 percent of new-home buyers saying it was very important compared to 39 percent for buyers of existing homes. Older buyers placed a higher priority on energy efficiency than did younger buyers – 63 percent of buyers 75 and older said it was very important, but only 32 percent of buyers who were 18-24 agreed.

Homes are getting bigger, but have fewer bedrooms. From 2004 to 2006, the size of the typical home purchased increased by about 100 square feet to 1,840 square feet, while the median number of bedrooms dropped from four to three during the same period. The median home age reported in the current survey is 12 years, down from 15 years in 2004.

Tonna noted the importance of an experienced and professional Realtor in buying, as well as selling a house. Realtors, who through their trade association are backed by a vast network of resources, can give the seller up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting a property sold at the best price, quickly and with few problems.

 "The key is in pricing the home right and making sure it is in move-in condition," stressed Tonna.


The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.

The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.

Variations of this article have appeared in local area newspapers.

For further information, please contact Rose Meily at SILVAR Public Affairs, email , or phone (408) 200-0109.

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