In a recent National Associating of Realtors “Profile of Home Buyers and Home Sellers” survey, they provided a list of the top things that home buyers are looking for when shopping for a home these days. They are in no particular order. Some categories are more important than others—depending on the makeup of the “household” – but I just wanted to share what I found with you in case you did not have time to read the NAR Survey.
- Affordability – Memories of the recession of 2007 are still in the minds of home buyers. And, the new mortgage rules called the “Ability To Repay” now play a part in the qualifying process.
- Convenience to Jobs – Gasoline prices, auto expenses and traveling time are now playing a huge part in finding a home located near where they work.
- Quality of Neighborhood – Depending on the type of buyer you are working with, this is a huge variable, but they want to be sure of reliable services being offered by the community in addition to the appearance of surrounding areas.
- Energy Efficiency – Buyers have indicated 4 important energy-efficient features they would like to see in a home: Energy Efficient – 1. Appliances. 2. Windows. 3. Insulation. 4. Ceiling Fans.
- Open Floor Plans – Space for family, friends and entertaining is a feature that homebuyers are looking for too.
- Mortgage Financing – With all the new underwriting and qualifying ratio rules, it’s critical that they get pre-approved ahead of time.
- Quality of Schools – The survey says that 45% of buyers are willing to pay a premium for their home to be located in a good school district.
- Home for Next 15 Years – Home buyers used to stay in a home 7 to 10 years. Today, they are saying that they plan to stay for 15 years. So, they are looking for a home that they can live in for that period of time.
So, based on the home buyers you work with, what other things have they told you are important to them?