What factors make some homes more attractive to buyers than others? The National Association of REALTORS® 2013 Profile of Buyer’s Home Feature Preferences offers some answers you might not expect.
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.