Buyers Value Storage Space, In-Law Suites, NAR Survey Finds
Purchasing a home is an important life decision, and many factors can influence the home choices buyers make.
Buyers are willing to spend more for homes with a walk-in master closet.
- 60% of buyers would pay $1,350 more for this feature.
- Walk-in master closet is the top third most common feature buyers would spend more to have.
The National Association of Realtors® Profile of Buyers’ Home Feature Preferences examines the features buyers prefer when it comes to purchasing a home, as well as the differences in preferences when it comes to factors such as region, demographics and household composition.
“Deciding where to live comes with a lot of options, but buyers quickly realize that some features are more important than others when it comes to choosing the right house for them,” said NAR President Gary Thomas, broker-owner of Evergreen Realty, in Villa Park, Calif. “Buyers need to have a clear idea of what features are important to them and know where they are willing to compromise; in this respect, Realtors® can bring buyers home. Realtors® visit hundreds of homes with buyers each year, and have a unique understanding of what buyers value in their local markets.”
Among all 33 home features in the survey, central air conditioning was the most important to the most buyers; 65 percent of buyers considered this feature very important. The next most important feature was a walk-in closet in the master bedroom; 39 percent of buyers considered this feature very important. Closely behind was having a home that was cable-, satellite TV-, and/or Internet ready, as well as an en-suite master bathroom.
When it came to actually buying a home, among buyers who considered central AC and cable-, satellite TV-,and/or Internet ready very or somewhat important, 94 percent bought a home with these features. The next most common feature was an eat-in kitchen; 89 percent of buyers who thought this was important purchased a home with an eat-in kitchen.
Buyers value some features so much that they are willing to spend more money to have them. Sixty-nine percent of buyers who did not purchase a home with central AC would be willing to pay $2,520 more for a home with this feature. Sixty-nine percent of buyers who did not purchase a home with new kitchen appliances would be willing to pay $1,840 more for a home with this feature. A walk-in closet in the master bedroom was the third most common feature on which buyers would spend more. Sixty percent of buyers who did not purchase a home with a walk-in closet would be willing to pay $1,350 more for a home with this feature.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
Copyright NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission.