The National Association of Realtors recently completed a survey called “2007 Profile of Buyer’s Home Feature Preferences.” As you would expect, buyer preferences varied by region and age. Here are the preferences:
- Oversized garages. Most respondents (57%) stated that they would prefer a two car garage. You and I know that in Minneapolis Minnesota, a two car garage is not considered “oversized.” Respondents should have been asked if they prefer three car garages. The survey indicated that the large garage preference was stronger in the Midwest.
- More square feet. The average size of a typical purchased home has increased to 1840 finished square feet, for a gain of 100 square feet since the survey was conducted in 2004.
- Hardwood floors.
- Granite countertops.
- Air conditioning. Of course, there were some regional differences. About 81% of buyers from midwest states identified air conditioning as a critical feature; About 91% of buyers from southern states said this was important.
- Walk-in closet in master bedroom.
- Large yard or play area.
- Fewer bedrooms. Although home size has gone up, the average number of bedrooms dropped from four to three.
- Among buyers over 75 years old, single level homes less than ten years old were hot items. More than half of the buyers over 65 years old wanted a separate shower in the master bathroom.
Most Minneapolis Minnesota home buyers would prefer a large three car garage like this one.
More than half of the home buyers saw their home as a strong potential investment. Only 3% surveyed felt that the investment potential of the home they purchased was low. As further evidence that buyers saw their home as an important, positive investment, 60% of homebuyers started some sort of home improvement project within the first three months of purchase. Most of these home improvements were made in the kitchen and bathrooms. The median cost of improvements to newly purchased homes was $4,350.
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