10 Things Today’s Buyers Look for in a Home
- Quality of Neighborhood – The National Association of Realtor’s 2012 Profile of Buyersrevealed that neighborhoods are really important, but that neighborhood choice varies by household structure.
- Convenience to Job – Commuting is a necessary evil, but homes that are close to work enhance work-life balance, a growing priority for many Americans, especially Millennials. Central locations are highly desirable.
- Overall Affordability– With job markets tight and retirement funds diminished, it has never been more important to keep housing related costs as low as possible, ideally no more than one third of one’s pre-tax income.
- Quality of Schools – A recent survey by realtor.com revealed that nearly 45 percent of today’s buyers are willing to pay a premium for quality schools as they make plans for starting their families.
- Homes suited for the next 15 years – Not too long ago, buyers were looking to stay in their homes about 10 years. Today’s buyers anticipate closer to 15 years, so it’s important to find a home that can support lifestyles as they evolve through time.
- A mortgage – In today’s tight credit environment, getting a mortgage can be a challenge. Buyers should be willing to consider homes below what they quality for in order to bump up the loan to value ratio and be more favorable in a lender’s eyes.
- Energy efficiency – The National Association of Homebuilders surveyed buyers to see what was most important to them in new home construction and energy efficiency topped the list. Four of the top most wanted features involve saving energy: buyers want energy-star rated appliances, good energy-star ratings for the entire home, energy-star rated windows and ceiling fans.
- Open floor plans – Spaces that are great for entertaining mean quality time with loved ones, something especially important to Gen Y Buyers.
- High ceilings – High ceilings not only convey grandeur to the home, they also promote greater air circulation and more natural light than lower ceilings. Please no popcorn ceilings!
- Technology – Can you manage your home from your cell phone? A Millennial, who prizes a homes’ technological amenities over curb appeal, is your target market.