Main Articles


Home Sweet Home: What Features Sell in Houses Today?


By Tracy Polgar, MORe Now Contributor

The National Association of REALTORS® 2013 Profile of Buyers' Feature Preferences examines the features buyers prefer when it comes to purchasing a home. The survey captures buyers who purchased a home between 2010 and 2012.

 

The infographic below created by NAR gives a visual look at the popular features that buyers wanted in their homes.

 

Geography and demography strongly influence what buyers value in a home. The typical recently purchased home was 1,860 square feet and was 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. 

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-family 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 important feature was a walk-in closet in the master bedroom; 39 percent of buyers considered this feature very important. Other high ranking features were having a home with was cable, Satellite TV and/or Internet ready, as well as an en-suite master bathroom.

The rooms that 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.

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.

Although 97 percent of recent buyers were satisfied with their home purchases, there are always features buyers would like that they don't have, said NAR Vice President of Research Paul Bishop. "Most satisfied homeowners still said they would like more or larger closets and storage space. In addition, nearly half of recent buyers would prefer a larger kitchen, and two out of five would prefer a larger home overall."

Within three months of home purchase, 53 percent of buyers undertook a home improvement project. The typical buyer spent $4,550 on various projects. Remodeling the kitchen was the most common home improvement project, 47 percent of buyers undertook a project in the kitchen. Bathrooms were a close second at 44 percent. Forty-one percent of buyers who made improvements added or replaced lighting and 37 percent added or replaced appliances soon after becoming a homeowner.

The 2013 Profile of Buyers' Home Features Preferences can be ordered by calling 800-874-6500 or online. The study costs $14.95 for NAR members. The study can be an effective tool to use in pricing homes and serving clients and customers.

 

 Home Sweet Home Comments

 
Search this site:

Connect with MORe: