Since the National Association of Realtors conducted its Profile of Buyers' Home Features Preferences in 2004, home buyers have changed their wish lists, with oversized garages seeing the biggest growth in terms of what 57 percent of buyers deem "very important" in a home, according to the just-released 2007 Profile. Among buyers who purchased homes without this feature, 56 percent of them said they would have paid more for an oversize garage, compared to only 6 percent in the 2004 survey.
It's apparently still a McMansion/Hummer society.
Other priorities for today's home buyers include air conditioning, with three out of every four respondents ranking this as "very important," and a walk-in closet in the master bedroom, which was very important to 53 percent of respondents. Hardwood floors and granite countertops each gained 7 percentage points from the 2004 survey, with 28 percent and 23 percent, respectively, of buyers viewing these features as "very important." Gaining 6 percentage points was cable/satellite TV-ready, at 46 percent. While some preferences were regional such as air conditioning and walk-in closets in the South, other features were preferred by age, or life stage. Other preferred features include a backyard play area, living rooms and laundry rooms.
Buyers 75 years old and older wanted a single-level home (74 percent) that was less than 10 years old (43 percent) with a walk-in closet in the master bedroom (74 percent). Most buyers between the ages of 25-34 wanted a backyard or play area (60 percent). More than half of buyers over 65 wanted a separate shower enclosure in the master bathroom, compared to only one-fourth of buyers ages 25-34. For those who purchased a home without it, 65 percent of buyers said they would be willing to pay a median $1,880 extra for central air conditioning. One out of four buyers was willing to pay a median of $4,760 more for waterfront property.
The survey reports responses from buyers who purchased homes in 2006. They were asked about 75 features and room types to assess the importance of each feature.
The preferences were largely represented by what the buyers purchased for themselves. A typical home purchased by buyers participating in the survey was $205,000, 12 years old, 1,840 square feet in size, with three bedrooms, two baths, central air conditioning and a garage. More than 90 percent said they were satisfied with the home they purchased, with two/thirds "very satisfied."
In fact, over half of buyers were excited that the home they purchased had high investment potential, particularly among older home buyers (60 percent.)
Energy efficiency was also a concern with new home buyers (65 percent) compared to those purchasing older homes (39 percent.) Older homebuyers were most interested in energy efficiency.
That could partially explain why the median home purchased is younger in age (12 years) than that purchased in 2004 (15 years.)
While homes have become progressively larger over the years, from approximately 1,580 square feet 50 years ago to more than 2000 square feet today, most home buyers are still buying according to what they can afford. Inexplicably, buyers purchased homes with fewer bedrooms (three) in 2007 than those purchased in 2004 (four.)
Not surprisingly, married couple households purchased larger homes (2,020 square feet) than other homebuyers: unmarried couples (1,720 sq.ft.), single males (1,600 sq. ft.) and single females (1,530 sq.ft.)
First-time homebuyers tended to purchase smaller (1,540) and older homes (23 years) than repeat buyers. New home buyers purchased the largest homes (2080 sq.ft.)
Central air conditioning and garages were present in more than 80 percent of homes purchased by survey participants.
