By Guest Writer John Ancillotti
A study from Better Homes & Gardens found five distinct trends in how home buyers look for a house. The survey consisted of 2,000 recent home buyers and 500 real estate professionals. These are the trends they found:
1. Millennials have higher standards for their first home, as they wish to stay for longer than previous generations of home buyers.
The survey found that 36% of respondents look for a home they can stay in for 10 years or longer. The tradition of beginning with a “starter home” is heading out the window; 42% of millennials want to start with their dream home.
2. People are taking longer to find and buy their homes.
The average amount of time first-time buyers spend looking for a home has increased from three months to five. For repeat-buyers it increased from two and a half months to four months. Using websites to look for a house expands options but takes more time. More people are also doing extensive research online before buying a home.
3. Buyers are less interested in doing renovations after moving in.
It used to be that people wanted homes with flaws. Home buyers would find an affordable home to fix up. Personalizing homes was an appealing part of moving in. Now people want to be able to move in and not have work to do on the house.
4. The kitchen is still the main attraction for most homes.
This old trend has only become more prominent. People want their home to have a perfect kitchen. Islands, room for seating, double ovens, functionality, cabinets, et cetera. Sixty-six percent of respondents to the survey chose a state-of-the-art kitchen as their top priority.
5. Homes should be a good investment.
Another trend among millennial buyers is they want their home to be a good investment. About 30% to 40% of millennials see home ownership as a sign of success, or a part of being an adult.
To read more about these trends see “The Top 5 Real Estate Trends: What Home Buyers Really Want Now” by Kit Selzer at Better Homes & Gardens.