What Home Buyers Really Want Archives - Hillwood Loves Realtor

Top Posts – Top Compromises Buyers Will Make to Reach Homeownership

2024-12-30T09:20:58-06:00

With the end of 2024 approaching, NAHB’s Eye on Housing is reviewing the posts that attracted the most readers over the last year. In May, Rose Quint shared key takeaways of NAHB’s study of home buyers. High mortgage rates and double-digit growth in home prices since COVID-19 have brought housing affordability to its lowest level in more than a decade. Given this reality, a recent NAHB study on housing preferences* asked home buyers about which specific compromises they would be willing to make to achieve homeownership. For 39% of buyers, accepting a smaller lot is the path to affording a home. This finding highlights the paramount importance of reforming zoning laws that mandate lot sizes, as nearly 4 out of 10 buyers would be willing to give up land in exchange for owning a home. For 36% of buyers, accepting fewer exterior amenities is the way to homeownership—they will simply add that deck or patio at some point in the future. Another 36% were willing to move farther from the urban core and 35% will accept a smaller house if that’s what it takes to buy it. But what areas of the home, specifically, should shrink to reduce the overall footprint of the home? Most buyers who will take the smaller house compromise sent builders and architects a clear message: shrink the home office (53%) and the dining room (52%) to save on square footage. Also, loud and clear in the message: leave the kitchen (only 21% would want that smaller) and closet space (22%) alone. * What Home Buyers Really Want, 2024 Edition sheds light on the housing preferences of the typical home buyer and is based on a national survey of more than 3,000 recent and prospective home buyers. Because of the inherent diversity in buyer backgrounds, the study provides granular specificity based on demographic factors such as generation, geographic location, race/ethnicity, income, and price point. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Home Buyers Want Technology to Improve Energy Efficiency and Increase Safety

Eric Lynch2024-10-07T07:24:08-05:00

NAHB published research earlier this year on home buyer preferences called What Home Buyers Really Want1. Consumers were asked to rate how 19 technology features would influence their home purchase decision, if at all, using the following four-point scale: Do not want – not likely to buy a home with this design or feature. Indifferent – wouldn’t influence decision. Desirable – would be seriously influenced to purchase a home because this design or feature was included. Essential/Must have – unlikely to purchase a home without this design or feature Seventy-eight percent of home buyers rated a programmable thermostat as either essential/must have or desirable, followed by security cameras (76%), video doorbell (74%), and wireless home security system (70%). Sixteen of the 19 technology features had at least 50% of home buyers rating them as essential or desirable. The top eight features reveal that home buyers are looking for technology that helps them achieve two main goals: Improve Energy Efficiency (programmable thermostat, multi-zone HVAC system, lighting control system, energy management system/display) AND Increase Safety (security cameras, video doorbell, wireless & wired home security system) Additionally, like the other areas of the home covered in the study, every question on technology features is tabulated by the buyer’s income, age, geography, race, household type, and the price they expect to pay for the home. These details can be very useful in particular cases. For example, the study discusses the five technology features that have the largest preference margins between the youngest and oldest buyers along with analyzing the prevalence of virtual tours by income and price point. What Home Buyers Really Want, 2024 Edition sheds light on the housing preferences of the typical home buyer and is based on a national survey of more than 3,000 recent and prospective home buyers. Every question in the survey’s extensive twelve-page questionnaire is tabulated by the buyer’s income, age, geography, race, household type, and price they expect to pay for the home. For readers interested in more detail on kitchens and baths, or other aspects of the home, the full study is available at BuilderBooks.com. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

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