Who’s Buying What? 2013 Home Buyer Trends
What factors can help you match your clients with the right properties? What current trends are shaping home buyer’s decisions? The National Association of REALTORS® 2013 Profile of Buyer’s Home Feature Preferences offers some answers you might expect—and some that might surprise you.
Location and age influence buyer’s preferences.
The most obvious trends among home buyers break down along geographic and generational lines. Buyers over 55 place a higher importance on single-level homes, while buyers under age 55 most prefer a home that has a basement. Buyers over 55 also tend to purchase smaller homes than buyers age 35-54, as do buyers under 35.
Buyers in the northeast place importance on finding a home with a dining room and tend to prefer hardwood floors, while buyers in the south put more importance on wooded lots and homes that are less than five years old.
Everyone wants a little more space.
Many buyers are interested in additional space for guests, work and storage. Most home buyers note they would spend more for a home with a laundry room and a home office or den. However, the rooms that home buyers are willing to spend the most for are a basement and an in-law suite.
There’s still one feature most buyers agree on.
The single most desired feature among home buyers is probably the feature you’d most want in a home too: central air conditioning. Of the home buyers in the survey, 65% consider central air very important, far ahead of the next most desired feature, a walk-in closet in the master bedroom, at 39%. Of those home buyers who did not purchase a home with central air conditioning, 69% said they would be willing to pay over $2,500 more for a home with it.
The complete National Association of Realtors® 2013 Profile of Buyer’s Home Feature Preferences is a useful resource for insights into your clients’ preferences. It’s available for purchase at realtor.org.
American Home Shield is providing the information for general guidance only. Due to the general nature of the property maintenance and improvement advice in this material, neither American Home Shield Corporation, nor its licensed subsidiaries assumes any responsibility for any loss or damage which may be suffered by the use of this information.
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Real Estate Trivia Question of the Month
What’s the #1 home improvement project homebuyers undertake within three months of purchasing a home?
a. Installing a new roof
b. Remodeling the kitchen
c. Updating the master bedroom