 When my children were young, I wanted a house near a school. When, and if, I ever move again, my top priority will be a single-story home – or at least one with the master bedroom on the ground floor.
In other words, I pick a home according to my lifestyle. A new study from the National Association of REALTORS® (NAR) says I’m pretty normal in that regard.
NAR Chief Economist David Lereah says the survey is the first of its kind. It’s a comprehensive look at buyer preferences. Results are ranked according to buyer age, first-time and repeat buyers, regions of the country, and locale.
For example, NAR found that although most buyers choose homes located in suburbs or subdivisions, homes purchased by first-time buyers are more likely to be older and located in a central city. Repeat buyers are more likely to select a new home. Older buyers are more inclined to buy in a small town.
For Texans, it comes as no surprise that buyers in southern states rate central air conditioning as a very important feature. Only 37% of buyers in the Northeast feel that way. Buyers out west are more likely to desire a patio or fencing, while buyers in the Northeast and Midwest want a finished basement.
The 2004 National Association of REALTORS® Profile of Buyers’ Home Feature Preferences shows that buyers who buy a home without a desired feature will pay more for a home with that feature. For example, 66% of those surveyed said they would have paid a median of $825 extra for a home with a walk-in closet in the master bedroom.
While central air may not be tops on the list of buyers in the Northeast, nearly three quarters of recent homebuyers say that central air conditioning tops their list of the most desired feature. Half want the walk-in closet in the master bedroom.
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Forty-two percent of buyers want a bedroom on the main level. Patios and oversized garages are desired by 41%. Other desirable features are a cable- or satellite-TV installation (40%), fencing (37%), separate shower in the master bath (36%), porch (34%), and an eat-in kitchen (32%).
Urban buyers are more likely to buy a home near public transportation that has hardwood floors and a finished basement. Rural buyers want an open lot with few trees and a single-story home. Suburban buyers favor sprinkler systems, eat-in kitchens, and homes less than 10 years old.
Buyers of custom-built homes prefer homes with two or more levels. The median size among all types of homes was 1,727 square feet. That ranges from first-time buyers at 1,471 square feet to repeat buyers at 1,920 square feet. Homes in the South tend to be largest, while those in the Northeast are generally smaller.
The median age of a home is 15 years. Typically it has four bedrooms, two full baths, and a fireplace. Homes in the Northeast are older; homes in the South are newer.
Garages, living rooms, extra bathrooms, and laundry rooms are all rated “very important” by more than 70% of respondents. Three-fourths of buyers are satisfied with the home’s age and number of bedrooms and bathrooms. Six in 10 are satisfied with their home’s size.
Half of all recent buyers say they repainted the interior of their new home soon after moving in. A third upgraded the landscaping. One out of five plan interior or landscaping improvements within two years.
Twenty-two percent of first-time buyers plan to remodel the kitchen within two years. Only 11% of repeat buyers plan to do so. Bathroom remodeling is planned by 20% of first-time buyers and 14% of repeat buyers.
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