What Home Buyers Are Seeking
– As real estate agents, we recognize that each homebuyer is unique in the qualities that they look for in a home. While each homebuyer has their individual wants and needs in a home, there are some consistent patterns among homebuyers today.
One recent survey by Chase Research showed that nearly 39 percent of homebuyers would have bought in a different neighborhood, at a different price point and perhaps a different size of home knowing what they know after their purchase. The vast majority of buyers are looking for a move-in ready home, even though 76% are planning on doing some type of renovation to the home. While hindsight is always 20/20 and you will always have a “should have done this instead” of that mentality in most anything you do, it is good to have an idea of what qualities you look for in a home. Obviously, the most common response is the number of bedrooms and bathrooms, square footage and price point. But there is a lot more that goes into searching for a home as well as more to a realtors job then just pinpointing the number of bedrooms and bathrooms that you are looking for.
Here are the top 10 features that a homebuyer looks for in a home today:
1. Green and Energy Efficient – This is on the list for the majority of home buyers today as new technologies and building practices are constantly evolving to make for more green and efficient homes. Energy costs continue to climb. Therefore, having energy efficient appliances as well as lower heating and cooling costs are all important to home buyers of today.
2. Functional Spaces – Bigger isn’t always better. It’s not always the larger square footage home that wins. Having a well laid out floor plan that has a good functionality can often win over a larger square footage home.
3. Technology – Generation X and Y homebuyers are looking for tech savvy homes. Everything from surround sound, built in A/V equipment, built in tv areas for flat screens and the list goes on and on. Full home automation and a ‘smart’ home are all part of buyers wish lists today. We have all become accustomed to utilizing technology day-in and day-out, so why should our home be any different?
4. Home Office – With a growing population of telecommuters, home offices are a big deal. Not only for work, but also for personal use a home office space can be an added bonus in any home.
5. Large Closets – Not only large, but multiple closet spaces are in demand. With the myriad of closet organization tools today any closet space can be taken from undesirable to desirable.
6. Kitchen – They say that the kitchen is the heart of the home and many buyers tend to agree with this statement as a kitchen can make or break a deal. While it doesn’t have to be large in size it does need to be well laid out and functional in design. Everything from a kitchen island to an eat-in kitchen are all high on the list.
7. Open Spaces – While closed off rooms are out, open spaces are in. Buyers desire a more open layout to a home’s design as opposed to closed in rooms that don’t flow well into the next. Many homes have an open living, dining and kitchen area and this works well for most home buyers tastes.
8. Outdoor Entertaining Areas – From covered patios to outdoor fireplaces, the outdoor space is able to expand living space and provide additional areas to entertain and relax.
9. Two-Car Garage – A two-car garage is able to double the space as opposed to a one-car garage and research has shown that 75 percent of home buyers are looking for a double car garage.
10. The Most Bang for Their Buck! – Homebuyers today want to feel like they are getting a deal and rightly so as there are still great deals on the market to be had. Home prices are still affordable as are interest rates, making it the perfect time to enter the real estate market as a homebuyer.
While each homebuyer is unique, they almost always have a list of wants/needs and nice-to-have’s. The good news is that there is a property out there to fit even the most discerning homebuyer’s tastes. One other item that we must mention here is location, location, location!
Boston Real EstateWhat Home Buyers Are Seeking