08 Apr What Do Buyers Want?
A recent survey by the NAHB reveals what prospective new-home buyers desire—and what they’re willing to pay for it.
As the economy recovers pent-up demand is released and we see housing markets stabilize. As builders and buyers return, they are asking the next logical question: what should they build? The market has changed and the NAHB conducted surveys of what potential homebuyers want, highlighting what changed and what’s still important.
Single-family homes are still number one among buyers, but their preferences vary across the demographics. Generation X and Y buyers have a stronger preference for single-family homes but are less likely to live in them, while boomers are showing the exact opposite in the survey.
According to the survey, as prices for existing homes fell, the choice between a new or existing home changed. In 2004, 29 percent of those surveyed preferred an existing home, but that share rose to 45 percent in 2012. Over the same period, the exchange was a reduction in the desire for a custom home built on the owner’s lot.
As buyers age they do want their next home to be 17 percent larger than their current home, their desired home size decreases as age increases.
Although they don’t want to necessarily live Intown, they do want walking trails, parks, and a community pool.
As for the interior, they are favoring a completely open kitchen and family room design, and two-thirds of the potential homebuyers want 9-foot ceilings on the first floor.
For households willing to pay more than $500,000, the desire for a three-car garage or larger rises substantially, and no one wants uncovered parking.
Technology preferences have shown to rise with price however quality and appearance rank well above features, warranty, and brand name as focal points when choosing a new home.