What Home Buyers Want 2007

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The home buyers most important house hunting wants for 2007

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What Home Buyers Want 2007

  1. 1. What Buyers Want! Highlights from the NATIONAL ASSOCIATION OF REALTORS ® 2007 Profile of Buyers' Home Features Preferences NAR Research Division, August 2007
  2. 2. About the Survey <ul><li>Home buyers were asked about 75 features and room types to assess the importance of each </li></ul><ul><li>Buyers who didn’t get a feature they desired in the home they purchased, were asked how much extra they would have been willing to pay to get it </li></ul><ul><li>The survey examined home improvement or remodeling projects undertaken by recent buyers </li></ul><ul><li>The survey is based on 2,530 responses from buyers who purchased a home in between late 2006 and early 2007 </li></ul><ul><li>The sample was obtained from Experian, a firm that maintains an extensive database of recent home buyers derived from county records </li></ul>The 2007 NAR Profile of Buyers' Home Features Preferences
  3. 3. What was Important While Searching for a Home? The 2007 NAR Profile of Buyers' Home Features Preferences It was “very important” to find a home with:
  4. 4. Oversized Garages are The New Big Thing With Buyers <ul><li>The most significant change between the previous & current survey in what buyers consider very important is oversized garages (up 16 points) </li></ul><ul><li>Hardwood floors, granite countertops, and cable-readiness follow </li></ul>
  5. 5. Change in Preferences in Time The 2007 NAR Profile of Buyers' Home Features Preferences It was “very important” to find a home with: N/A N/A
  6. 6. A Few Regional Differences <ul><li>Southerners and Midwesterners Wanna Be Cool! </li></ul><ul><li>Northeasterners Just Wanna Have Fun ! </li></ul><ul><li>Westerners Wanna Park Their Cars! </li></ul>
  7. 7. Most Important Features by Region The 2007 NAR Profile of Buyers' Home Features Preferences SOUTH NORTHEAST MIDWEST WEST
  8. 8. Age Makes the Biggest Difference in What Buyers Want Back yards for younger buyers Walk-in closets for older buyers
  9. 9. Examples of Differences in Desired Features by Age of the Buyers The 2007 NAR Profile of Buyers' Home Features Preferences
  10. 10. What Would Buyers Pay More For? <ul><li>For those who purchased a home without a particular feature, most are willing to pay extra for central air conditioning, a median of $1,880 </li></ul><ul><li>The biggest change was for an oversized garage, from 6% of buyers in 2004 to 56% in 2007 </li></ul><ul><li>Buyers are willing to pay most for waterfront property, typically an extra $4,760 </li></ul>
  11. 11. Energy Efficiency is Most Important to New-Home Buyers As buyers age, this becomes more important
  12. 12. How Important was a Home’s Energy Efficiency When Searching for a Home? The 2007 NAR Profile of Buyers' Home Features Preferences Age of Home Buyer:
  13. 13. Bigger and Younger <ul><li>From 2004 to 2007, the size of the typical home purchased increased by about 100 square feet </li></ul><ul><li>The median age of homes purchased decreased from 15 to 12 years </li></ul>
  14. 14. Characteristics of Homes Purchased The 2007 NAR Profile of Buyers' Home Features Preferences Medians $205,000 71% 41% 82% 83% 1 2 3 2 12 years 1,840 sq. ft. 2007 2004 N/A Purchase price (median) 71% Previously owned N/A Basement N/A Garage 83% Central air conditioning 1 Number of fireplaces 2 Number of full bathrooms 4 Number of bedrooms 1 Number of levels 15 years Age of home 1,730 sq. ft. Size of home
  15. 15. Detached and Suburban <ul><li>Over four-fifths of homes purchased are detached single-family homes </li></ul><ul><li>More than half are located in the suburbs </li></ul>
  16. 16. Type and Location of Homes Purchased The 2007 NAR Profile of Buyers' Home Features Preferences
  17. 17. No Buyers’ Remorse <ul><li>More than 90 percent of home buyers are satisfied with the home they purchased </li></ul><ul><li>Nearly two-thirds are very satisfied </li></ul>
  18. 18. How Satisfied Were Recent Home Buyers? The 2007 NAR Profile of Buyers' Home Features Preferences
  19. 19. <ul><li>Sixty percent of buyers undertook home improvement projects immediately after the home purchase </li></ul><ul><li>Median amount spent on home improvement or remodeling projects undertaken within three months of the purchase was $4,350 </li></ul>From the Closing Table to the Home Improvement Store
  20. 20. Who Did Home Improvement Projects Within Three Months of Purchase? The 2007 NAR Profile of Buyers' Home Features Preferences Buyers who purchased homes aged:
  21. 21. Which Home Improvement or Remodeling Projects? The 2007 NAR Profile of Buyers' Home Features Preferences Features added or replaced: Rooms where improvements were undertaken:
  22. 22. Get More… <ul><li>$50 for Members </li></ul><ul><li>$125 for Non-Members </li></ul><ul><li>1-800-874-6500 </li></ul><ul><li>www.realtor.org/store and click on the Research Tab </li></ul><ul><li>Item #186-75-07 </li></ul>

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