What Buyers Want!

                                            NAR’s 2007 Profile of Buyers’ Home Feature Preferences
About the Survey 
* NAR’s 2007 Profile of Buyers’ Home Feature Preferences looks at the features buyers most desire and will pay more for in a home 
* The 2007 survey gathered information from 2,530 respondents who purchased homes between late 2006 and early 2007 
* The last time NAR conducted this survey was in 2004 
* The sample was obtained from Experian, a firm that maintains an extensive database of recent home buyers derived from county records

 

The Most Important
• Central air-conditioning once again ranked as the most important feature for buyers, with 74 percent of the respondents listing it as “very important”
• A garage with space for two or more cars followed
• Other important features were walk-in closets in the master bedroom, a backyard or play area, cable or satellite TV readiness and high-speed Internet access

Oversized Garages are “The New Big Thing”
• The most significant change between the previous and current survey in what buyers consider very important is oversized garages – up 16 points
• Hardwood floors, granite countertops and cable-readiness follow

Regional and Age Differences
• While central air conditioning is important to all buyers – it was significantly more important to Southerners and Midwesterners
• Northeasterners tended to rank back yards and play areas as high
• Westerners tended to rank oversized garages as important
• Back yard or play areas were most important to younger buyers
• Walk-in closets tended to rank higher among older buyers

What Buyers Would Pay More For
• Of those who purchased a home without a particular feature, 65 percent said they would be willing to pay extra for central air conditioning, a median of $1,880
• The biggest change from 2004 to 2007 was in oversized garages – 6 percent in 2004, 56 percent in 2007
• Buyers were willing to pay most for waterfront property, typically an extra $4,760

What About Energy Efficiency?
• New-home buyers ranked energy efficiency as more important than existing-home buyers
• The older buyers get, the more important energy efficiency is

Buyers are After Bigger and Newer Homes
• From 2004 to 2007, the size of the typical home purchased increased by about 100 square feet
• At the same time, the median age of homes purchased decreased from 15 to 12 years
• Over four-fifths are detached, single-family homes
• More than half are in the suburbs

Satisfied Buyers
• More than 90 percent of home buyers are satisfied with the home they purchased
• Nearly two-thirds are VERY satisfied

From the Closing Table to the Home Improvement Store
• Sixty percent of buyers undertook home improvement projects immediately after the home purchase
• The median amount spent on home improvements undertaken within three months of the purchase was $4,350
• Kitchens and bathrooms led the projects undertaken