The National Association of Realtors released a report on what features home owners are looking for in a home. Here are some highlights:
CHARACTERISTICS OF HOME PURCHASED
– The typical home purchased during the survey period was 12 years old, 1,840
square feet in size, and had three bedrooms and two bathrooms.
– First-time buyers typically purchased smaller and older homes than repeat buyers
– More than 80 percent of homes purchased had central air conditioning and
– More than 90 percent of home buyers were satisfied with the home they
purchased, and nearly two-thirds of all buyers were very satisfied.
SEARCHING FOR A HOME
– Nearly four out of five home buyers worked with a real estate agent to purchase
– When searching for a home, the most desired features were central air
conditioning, an oversized garage, a walk-in closet, and a backyard or play area.
The most desired rooms/spaces were garages, living rooms and laundry rooms.
– Repeat buyers placed more importance than first-time buyers on almost all home
– Home buyers that purchased a home without a desired feature or room would be
willing to pay extra for central air conditioning (typically $1,880), two or more full
bathrooms (typically $2,040) and hardwood floors (typically $1,900).
– Over 90 percent of recent home buyers thought energy efficiency was an
important consideration when searching for a home to purchase.
– When comparing the home they recently purchased to their ideal or preferred
home, most home buyers were satisfied with regard to their home’s age, overall
size, size of the kitchen, number of bedrooms and bathrooms, and closet and
HOME IMPROVEMENT AND REMODELING
– About six-in-ten recent home buyers took on remodeling or home improvement
projects within three months of their home purchase.
– The typical buyer spent $4,350 on home improvement projects within the first
three months of buying their home. Repeat buyers spent more than first-time
– Nearly half of home buyers remodeled or made improvements to their kitchen,
and close to half remodeled or improved a bathroom in the first three months
following the home purchase.