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The Evolving
Search for a
New Home
Home buyer demographics are changing—and so
are searches for new homes. Savvy builders and
real estate professionals can use this
knowledge to attract a new generation of buyers.
FOR
SALE
BUILDERS & BUYERS:
were existing homes
SOLD
4,940,000437,000were newly constructed
HOW TODAY’S BUYERS FIND HOMES
The digital revolution has changed the way home buyers research potential homes.
ANNUAL SALARY NEEDED TO BUY A HOME IN A METRO AREA:
MORE AMERICANS CAN AFFORD TO BUY
HOW MUCH INCOME DOES IT TAKE?
Pittsburgh
Cleveland
Cincinnati
St. Louis
Detroit
Atlanta
Tampa
Phoenix
San Antonio
Orlando
Minneapolis
Philadelphia
Dallas
Houston
Baltimore
Chicago
Sacramento
Miami
Portland
Denver
Seattle
Boston
New York City
Los Angeles
San Diego
San Francisco $147,996
$103,165
$25K $50K $75K $100K $125K $150K
$95,040
$86,770
$83,151
$78,425
$68,436
$65,917
$63,048
$62,143
$57,983
$52,865
$52,164
$51,806
$51,622
$50,251
$47,811
$46,975
$43,938
$41,923
$37,551
$36,915
$34,778
$33,967
$32,523
$31,134
INFORMATION SOURCES USED IN HOME SEARCHES INCLUDE:
RESEARCHING HOME PURCHASES
OF THE HOMES SOLD IN 2014:
NEW VS. EXISTING HOME SALES
88% 87% 54% 50%
Website Real estate
professional
Mobile or tablet
search engine
Mobile or tablet
website or app
48% 26% 26%
Yard Sign Open house Online video site
FOR
SALE
•
•
•
•
•
•
•
•
•
•
•
•
ONLINE TOOLS BUYERS FIND USEFUL:
Photos
Detailed property info
Interactive maps
Virtual tours
Neighborhood info
TOP ONLINE RESEARCH TOOLS
83%
79%
41%
40%
37%
USING A REAL ESTATE AGENT
NEW OPPORTUNITIES IN THE HOUSING MARKET
Shifts in the housing market have opened new doors for younger
home buyers who previously weren’t able to afford a home.
HOME PRICES AND INTEREST RATES
FELL IN 2015:
Median new home price:
$292,000 to
$278,000
Average
interest rate:
4.29% to
4.03%
of new and existing homes sold are
affordable to families that earn the U.S.
median income of $65,800 a year.
Some lenders require only a
A NEW GENERATION OF BUYERS
$25K $50K $75K $100K
MEDIAN: $65,800
66.5%
3%DOWN
PAYMENT.
of all home buyers are Millennials
age 35 or younger—the largest
generational group buying
homes.*
35%
of Millennial
buyers purchase
new homes.
11%
*Includes new and previously owned homes.
74% They’re budgeting
$240,000
to make the purchase
of Americans 18 to 34
plan to buy a new home
in the next 5 years.
a 24%
increase
over 2014.
WHAT DO BUYERS WANT TO KNOW?
Understanding the desired home specifications and builder qualifications can
help real estate professionals and builders boost sales. Buyers want to know
these valuable details from their:
REAL ESTATE
PROFESSIONAL
YOUNGER BUYERS ARE MOST LIKELY TO TURN TO A REAL ESTATE PROFESSIONAL
91%33 and younger
34-48
88%
49-58
88%
59-67
83%
68-88
87%
POPULAR HOME FEATURES
PERCENTAGE OF HOME BUYERS WILLING TO PAY EXTRA FOR:
BUILDER
Kitchen island: 48%
Eat-in kitchen: 40%
New kitchen
appliances: 69%
Granite countertops: 55% Ensuite master
bath: 49%
Walk-in closets: 60%
Fireplace: 40%
Central air: 69%
Hardwood floors: 54%
Home less than 5 years old: 40%
40% to 49% 50% to 59% over 60%
ROLE OF HOME WARRANTIES
of buyers are more
apt to choose a new
home with a
STRUCTURAL
WARRANTY.
94% of buyers prefer a
home with a
SYSTEMS AND
APPLIANCES
WARRANTY.
80%SOLD
Warranted homes sell up to
50%
FASTER.
Systems and appliance
warranties boost sales
prices by
3%.
UP
TO
• Layout
• Outdoor living spaces
• Type and size of home
• Distance from work, shopping,
and medical facilities
• Distance from public
transportation
• Access to schools,
recreational facilities, places
of worship and parks
• NAHB certified
• Licensed, insured and bonded
• Not involved in any lawsuits
or liens
• Clean record with the BBB
• Reputation for quality work
• Available amenities, upgrades
and costs
• Home builder warranty
guaranteeing workmanship
Sources: Newhomesguide.com, NAHB.org, Realtor.org,
Time.com, HSH.com, Usatoday.com, Sibcycline.com,
Census.gov, Books.google.com, Prestigehomes.ca
www.pwsc.com © 2016 Professional Warranty Service Corporation
Infographic designed by Mad Fish Digital

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The Evolving Search for a New Home

  • 1. The Evolving Search for a New Home Home buyer demographics are changing—and so are searches for new homes. Savvy builders and real estate professionals can use this knowledge to attract a new generation of buyers. FOR SALE BUILDERS & BUYERS: were existing homes SOLD 4,940,000437,000were newly constructed HOW TODAY’S BUYERS FIND HOMES The digital revolution has changed the way home buyers research potential homes. ANNUAL SALARY NEEDED TO BUY A HOME IN A METRO AREA: MORE AMERICANS CAN AFFORD TO BUY HOW MUCH INCOME DOES IT TAKE? Pittsburgh Cleveland Cincinnati St. Louis Detroit Atlanta Tampa Phoenix San Antonio Orlando Minneapolis Philadelphia Dallas Houston Baltimore Chicago Sacramento Miami Portland Denver Seattle Boston New York City Los Angeles San Diego San Francisco $147,996 $103,165 $25K $50K $75K $100K $125K $150K $95,040 $86,770 $83,151 $78,425 $68,436 $65,917 $63,048 $62,143 $57,983 $52,865 $52,164 $51,806 $51,622 $50,251 $47,811 $46,975 $43,938 $41,923 $37,551 $36,915 $34,778 $33,967 $32,523 $31,134 INFORMATION SOURCES USED IN HOME SEARCHES INCLUDE: RESEARCHING HOME PURCHASES OF THE HOMES SOLD IN 2014: NEW VS. EXISTING HOME SALES 88% 87% 54% 50% Website Real estate professional Mobile or tablet search engine Mobile or tablet website or app 48% 26% 26% Yard Sign Open house Online video site FOR SALE • • • • • • • • • • • • ONLINE TOOLS BUYERS FIND USEFUL: Photos Detailed property info Interactive maps Virtual tours Neighborhood info TOP ONLINE RESEARCH TOOLS 83% 79% 41% 40% 37% USING A REAL ESTATE AGENT NEW OPPORTUNITIES IN THE HOUSING MARKET Shifts in the housing market have opened new doors for younger home buyers who previously weren’t able to afford a home. HOME PRICES AND INTEREST RATES FELL IN 2015: Median new home price: $292,000 to $278,000 Average interest rate: 4.29% to 4.03% of new and existing homes sold are affordable to families that earn the U.S. median income of $65,800 a year. Some lenders require only a A NEW GENERATION OF BUYERS $25K $50K $75K $100K MEDIAN: $65,800 66.5% 3%DOWN PAYMENT. of all home buyers are Millennials age 35 or younger—the largest generational group buying homes.* 35% of Millennial buyers purchase new homes. 11% *Includes new and previously owned homes. 74% They’re budgeting $240,000 to make the purchase of Americans 18 to 34 plan to buy a new home in the next 5 years. a 24% increase over 2014. WHAT DO BUYERS WANT TO KNOW? Understanding the desired home specifications and builder qualifications can help real estate professionals and builders boost sales. Buyers want to know these valuable details from their: REAL ESTATE PROFESSIONAL YOUNGER BUYERS ARE MOST LIKELY TO TURN TO A REAL ESTATE PROFESSIONAL 91%33 and younger 34-48 88% 49-58 88% 59-67 83% 68-88 87% POPULAR HOME FEATURES PERCENTAGE OF HOME BUYERS WILLING TO PAY EXTRA FOR: BUILDER Kitchen island: 48% Eat-in kitchen: 40% New kitchen appliances: 69% Granite countertops: 55% Ensuite master bath: 49% Walk-in closets: 60% Fireplace: 40% Central air: 69% Hardwood floors: 54% Home less than 5 years old: 40% 40% to 49% 50% to 59% over 60% ROLE OF HOME WARRANTIES of buyers are more apt to choose a new home with a STRUCTURAL WARRANTY. 94% of buyers prefer a home with a SYSTEMS AND APPLIANCES WARRANTY. 80%SOLD Warranted homes sell up to 50% FASTER. Systems and appliance warranties boost sales prices by 3%. UP TO • Layout • Outdoor living spaces • Type and size of home • Distance from work, shopping, and medical facilities • Distance from public transportation • Access to schools, recreational facilities, places of worship and parks • NAHB certified • Licensed, insured and bonded • Not involved in any lawsuits or liens • Clean record with the BBB • Reputation for quality work • Available amenities, upgrades and costs • Home builder warranty guaranteeing workmanship Sources: Newhomesguide.com, NAHB.org, Realtor.org, Time.com, HSH.com, Usatoday.com, Sibcycline.com, Census.gov, Books.google.com, Prestigehomes.ca www.pwsc.com © 2016 Professional Warranty Service Corporation Infographic designed by Mad Fish Digital