A recent nationwide survey finds buyers still prefer larger homes and value features like central air, more storage space and a home that is cable-, satellite TV-, and/or Internet ready. The survey by the National Association of REALTORS® (NAR) also found features buyers prefer largely depend on region, demographics and household composition.
According to NAR's 2013 Profile of Buyers' Home Feature Preferences, the typical recently purchased home was 1,860 square feet and built in 1996. Repeat buyers, buyers of new homes, married couples and families with children typically purchased larger homes. First-time buyers and single women tended to buy older homes. The typical buyer purchased a home with three bedrooms and two full bathrooms. Slightly over half of the homes purchased were on a single level.
Among all 33 home features in the survey, central air conditioning was the most important to the most buyers, with 65 percent of buyers stating this feature was very important. The next most important feature was a walk-in closet in the master bedroom, ranked very important by 39 percent of buyers. Closely behind was preference for a home with cable-, satellite TV-, and/or Internet ready, and an en suite master bathroom. The other most common preferred feature was an eat-in kitchen.
Buyers value some features so much they are willing to spend more money to have them. The rooms that buyers were willing to pay the most for were a basement and an in-law suite.
Geography and demography strongly influence what buyers value in a home. Southerners typically bought the largest home at 2,000 square feet, and preferred newer homes (less than five years old) compared to other regions. While more than three-fourths – 78 percent – of all buyers purchased a home with a garage, garages were more popular among new-home buyers, Midwesterners, and suburbanites. Forty-one percent of homes purchased had a basement, a feature more popular among Midwest and Northeastern buyers.
Among buyers 55 and older, 42 percent considered finding a single-level home very important, compared to just 11 percent of buyers under age 35. The older age group also placed more importance on a bedroom on the main level of the house.
Buyers aged 35 to 54 placed more importance on a laundry room, while those with children placed more importance on a family room. Single women preferred single-level homes, while single men wanted finished basements.
The survey was conducted in October 2012, and included buyers that had purchased any type of home during 2010 to 2012 and still owned the property.
"Buying a home is one of the most important decisions in a person's life. Many factors can influence the choices buyers make regarding home preferences and amenities," said Carolyn Miller, president of the Silicon Valley Association of REALTORS®. "REALTORS® can help guide buyers through this process, since REALTORS® see many homes and are knowledgeable about what features bring value to a home in a local market."
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 email or call the SILVAR office at (408) 200-0100.