2007: Home Features That Buyers Want
By Real Estate Advisor
Extra garage space emerged among the top home feature preferences of home buyers in the latest home buyer preference survey conducted by National Association of Realtors (NAR).
The survey titled "2007 Profile of Buyers' Home Feature Preferences" brings to the forefront the changes that have taken place in home buyers’ preferences when it comes to what they want in their homes. Conducted among buyers who purchased homes last year, the survey focused on their preferences among 75 home features and room types.
Here is a list of the top features that home buyers want in a house.
1. Extra garage spaces - Most home owners have oversized garages as top priority in their home feature preferences. According to NAR's survey, the number of home buyers who prefer bigger garages has increased by 16% from 2004 to 57%. The percent of home owners who are willing to pay more for an oversized garage has also increased from 6% in the 2004 survey to 56% in 2007.
2. Air conditioning - Air conditioning is a top priority and was ranked 'very important' by three out of every four respondents.
3. Walk-in closet - Walk in closets in master bedrooms is another feature that 53% of home buyers considered important.
4. Hardwood floors - Hardwood floors are more popular with 28% of home buyers ranking it as very important, an increase by 7% since 2004.
5. Granite countertops - Granite countertops was assigned the 'very important' status by 23% of home buyers for their homes.
6. Cable/satellite TV-ready - Cable and Satellite TV ready homes are important for 46% of home buyers, an increase by 6% from 2004.
7. Energy efficiency - The survey also points out the popularity of energy efficient homes among home buyers in general and new home buyers in particular. Among new home buyers, 65% have termed energy efficiency features in their homes as 'very important', compared to 39% of home buyers of existing homes.
The survey also showed that these home preferences varied largely among home buyers based on their regional locations as follows.
South and Midwest: Home buyers in the South (91%) and Midwest (81%) wanted their homes to have central air conditioning over any other feature. Master bedroom walk-in closets were very important for 66% of home buyers in the South while 61% of Midwesterners wanted oversized garages.
Northeast: Among buyers of the Northeast, 53% wanted homes with a backyard or play area as a priority followed by central air conditioning, preferred by 41%.
West: Oversize garages were the top priority of 66% buyers in the West followed by central air conditioning (59%).
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