Features That Home Buyers Are Seeking Out in 2023

With tastes changing constantly, real estate agents have to stay on top of things in order to understand what home buyers are looking for in 2023. With millennials entering the market, there has been a paradigm shift, both in terms of how they approach home buying (relying on the internet for research) but also in terms of their preferences. Understanding the features that homebuyers are interested can help seal the deal if they are showcased properly.

Energy Efficiency

Increasingly, home buyers are concerned about energy efficiency and sustainable features. They look for energy-efficient appliances, double-pane windows, insulation, solar panels, and other eco-friendly elements that can reduce utility costs and environmental impact.  . Additionally, homes with strong energy efficiency ratings may qualify for certain incentives, tax credits, or green certifications, which can add value to the property.

Large Kitchen

While typically the living room was seen as a place to hang out for the last generation, nowadays, the kitchen is seen as the center of attention, hence the need for big kitchen areas. The kitchen is not only seen as a place to cook, and as such it’s important for the area to be not only practical but also stylish – flowing with the other rooms in the house, especially the living room. Integrated appliances with stylish designs are a must, which is why putting the spotlight on the kitchen when trying to sell a house is ideal.

Updated Bath and Kitchen

Fixer-uppers are not an ideal choice among millennials. This is due to the fact that renovation takes time and money that they might not have, and as a result, they opt for homes that are newly constructed or that don’t require renovations. The kitchen and bathroom have to be in top shape and updated, due to the fact that those areas are the most expensive ones in terms of updating. Young home buyers can’t afford to put their money into upgrading the kitchen and bathroom, given that their savings went towards the down payment.

Technology and Smart Homes

Technology might not have played much of a role among the last generation of home buyers, but nowadays, it’s an important feature that has impacted the real estate industry. The trend toward smart homes is driven by the desire for convenience, energy efficiency, enhanced security, and seamless integration with virtual assistants. Smart homes offer homeowners the ability to control and automate various aspects of their homes, such as lighting, temperature, security systems, and appliances, through mobile devices or voice commands.  These features provide convenience, optimize energy usage, improve home security, and future-proof properties, making smart homes increasingly popular and sought after in the real estate market.

Location

Location has always played a major role among home buyers, but it plays an even bigger role with the new generation. Millennials prefer to be in a place that has access to metropolitan areas, has a great walk score and that is close to their place of work. While the location can’t be changed and the seller can’t do anything in that sense, it’s important to highlight the positive aspects of the current location. Today's homebuyers will do their due diligence beforehand and will come well-researched, but sellers and/or agents can detail certain aspects that cannot be easily researched online.

Home Office

Given that millions of people work from home – about 35% of workers now work from home to be precise – a home office is an important aspect among home buyers. Covid changed work habits across the world. With technology allowing more and more people to work at home, having a dedicated place where they can focus on their work is highly important when trying to sell a home. A work space can be arranged during the staging phase, with a spare bedroom being turned into a home office – with this being a budget-friendly solution that can increase the appeal of the home for many home buyers.

Other features and trends that are of interest to home buyers are the storage capacity and the house’s energy efficiency. In addition, open floor plans are very attractive, with millennials preferring an open space that can be shaped to their preference rather than a structure with very defined areas.