Purchasing a home is an important life decision, and many factors can influence the home choices buyers make.
The National Association of Realtors® released its 2013 Profile of Buyers’ Home Feature Preferences. It looks at the features buyers prefer when it comes to purchasing a home, including regional differences, as well as factors such as geography, demographics and household composition. The survey captures buyers who purchased a home between 2010 and 2012.
Buyers in the South, including Fla., for example, predictably prefer air conditioning. Compared to other areas, many Southern state buyers also seek out a home less than five years old on a wooded lot.
“Deciding where to live comes with a lot of options, but buyers quickly realize that some features are more important than others when it comes to choosing the right house for them,” said NAR President Gary Thomas.
Geography and demography strongly influence what buyers value in a home. The typical recently purchased home was 1,860 square feet 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.
Other findings
• 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, but this feature was more popular among buyers in the Midwest and Northeast.
• Southerners typically bought the largest home at 2,000 square feet. Those in the Northeast followed closely behind with a typical home purchase of 1,850 square feet.
• 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. Single women also placed higher importance on single-level homes, while single men wanted finished basements.
• Both single men and married couples placed higher importance on new kitchen appliances.
• Among all 33 home features in the survey, central air conditioning was the most important to the most buyers; 65 percent of buyers considered this feature very important.
• The next most important feature was a walk-in closet in the master bedroom; 39 percent of buyers considered this feature very important. Closely behind that was a home cable-, satellite TV-, and/or Internet ready, as well as a master bathroom.
• When it came to actually buying a home, among buyers who considered central AC and cable-, satellite TV-, and/or Internet ready very or somewhat important, 94 percent bought a home with these features. The next most common feature was an eat-in kitchen; 89 percent of buyers who thought this was important purchased a home with an eat-in kitchen.
• Buyers value some features so much that they are willing to spend more money to have them. Sixty-nine percent of buyers who did not purchase a home with central AC would be willing to pay $2,520 more for a home with this feature.
• Sixty-nine percent of buyers who did not purchase a home with new kitchen appliances would be willing to pay $1,840 more for a home with this feature.
• A walk-in closet in the master bedroom was the third most common feature on which buyers would spend more. Sixty percent of buyers who did not purchase a home with a walk-in closet would be willing to pay $1,350 more for a home with this feature.
• The features on which buyers placed the highest dollar value were waterfront properties and homes that were less than five years old. Thirty-two percent of buyers would be willing to pay a median of $5,420 more for a home on the waterfront, and 40 percent of buyers would be willing to pay a median of $5,020 more for a home that was less than five years old.
• The rooms buyers were willing to pay the most for were a basement and an in-law suite. Thirty-three percent of buyers would be willing to pay a median of $3,200 more for a home with a basement, and 20 percent of buyers would be willing to pay a median of $2,920 more for a home with an in-law suite.
• When it came to rooms that buyers want in a home, 55 percent of buyers thought it was very important to have a living room, although buyers in the Northeast placed more importance on a home with a dining room. Buyers aged 55 and older 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.
• The two most common rooms buyers were willing to spend more for were a laundry room and a den/study/home office/library. Sixty-three percent of buyers who did not purchase a home with a laundry room would be willing to pay $1,590 more for a home with this room. Forty-four percent of buyers who did not purchase a home with a den/study/home office/library would be willing to pay $1,920 more for a home with this room.
• 97 percent of recent buyers were satisfied with their home purchase.
• Within three months of a home purchase, 53 percent of buyers undertook a home improvement project. The typical buyer spent $4,550 on various projects. Of those who did a home improvement project, 47 percent worked on the kitchen; 44 percent redid a bathroom; 41 percent added or replaced lighting; and 37 percent added or replaced appliances.
In October 2012, NAR, working with a private firm, surveyed a sample of households that had purchased any type of residencal real estate during 2010 to 2012 and still owned the property.
NAR sells the 2013 Profile of Buyers’ Home Feature Preferences. Members pay $14.95 and non-members pay $49.95. It can be ordered on NAR’s website.
© 2013 Florida Realtors®
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