What Today's Home Buyers Want

By
Home Stager with Rooms With Style

Better Homes & Gardens did a Home Buyer Study to see what millennials are looking for in their first home. The 'next-gen' buyers may give you some insight on what to do to assist in the sale of your  home.

 

#1 ) Purchase With A Plan to Stay

 

36% of these potential buyers see themselves living in that home at least 10 years. I remember when that statistic was 4-5 years. What does that mean? It means that the view of a starter home has changed. These buyers are now investing in more expensive homes with more square footage and areas with good school districts. These sets of wants were typically on the lists for 'move-up' buyers so now there is more competition at that level. Now empty nesters are looking to the smaller start-up homes.

 

calendar-1255953_1280       #2) Home Buying Process Takes Longer

 

Not only is the loan process taking longer, making it even more important to get preapproved, but buyers are taking more time in looking. In 2012 first time home buyers took an average of 3 months from research to closing and repeat buyers took 2 1/2 months. Those same buyers are taking 5 months and 4 months respectively. One reason for this may be because everyone starts their home search online and there are more resources than ever now to do that. The buyers are educating themselves by researching builders, reading articles and doing more research.

 

 

#3) Buyers are Looking for Move In Ready

 

Ten years ago buyers would seek out fixer-uppers. Outdated kitchens and baths didn't scare them, nasty old carpet covering up wood floors wasn't a big deal. Now 52% of buyers want a newly built home or one that doesn't require any renovations or repairs before moving in. They are willing to do cosmetic changes or upgrades, they just don't want to deal with extensive work.

 

 

#4) The Kitchen Being the Most Important Room is Stronger Than Ever

 

The kitchen motivates the buyer more than ever and I know it did me! Islands are really big right now, both in wish lists and the ability to seat people. High end appliances with custom cabinets, double ovens for entertaining are all on the list. 66% of buyers selected  a state-of-the-art kitchen as their most desired luxury.   

 

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#5) It Has To Be A Good Investment

 

Today's buyer is looking to make good choices and 65% see buying a home as a good investment for their future. To maximize their investment they need to look at such things as the area (up and coming and growing) and the size of other houses in the neighborhood.

If you are in the market to buy a new home, or selling your home, these trends can help you to determine what your competition looks like.

 

Read full Better Homes & Garden article here.

 

 

 

 

 

Read full Better Homes & Garden article here.

 

 

Comments (3)

Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Shar - this "survey" makes me wonder.  Is any generation truly that much different from another?   Isn't there more in common than different?  Hmm, I will continue to wonder but not concentrate on the differences and focus on the similarities.  

Apr 16, 2020 07:13 AM
Shar Sitter

I guess yes and no Michael Jacobs . I do think when we were younger we anticipated buying a  home that needed some work. I think this shows that "times have changed" so to speak.

Apr 16, 2020 07:34 AM
Michael Jacobs

Maybe so but it seems there is "always" a segment that wants a "fixer upper" while others need "turnkey".  

Apr 16, 2020 07:38 AM
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

I have to agree with most of the statements except the updates. It's been longer than 10 years now that buyers don't want to do anything. Great post!

Apr 16, 2020 11:10 AM
Shar Sitter

Ya....you are probably right Lyn Sims . Have a great weekend!

Apr 17, 2020 06:11 AM
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Hi Shar,
I'm wondering if, with the current stay-at-home experience, people will be looking for bigger or different kinds of spaces... more separation of space.

Apr 16, 2020 02:52 PM
Shar Sitter

Yes interesting thought Carol Williams . Families are probably getting on each other's nerves.....especially if they are in tight quarters.

Apr 17, 2020 06:12 AM
Steffy Hristova
HomeSmart Elite Group Tempe AZ Tel: 480-966-9353 - Tempe, AZ
Tempe AZ Realtor - Your Home Close to Your Work!

Hi Shar,

Just following up on Carol's thought, I think home office space will be even more desirable, and live-work accomodations will, too. Good size kitchens with islands are desirable always.

Jun 18, 2020 05:17 PM