Buyers Want This Type of House

The typical spring home buyer this year is on the hunt for a three-bedroom, 

two-bathroom house with a garage and updated kitchen, according to a new realtor.com® survey of more than 1,000 home shoppers. Forty-four percent of respondents say they want a three-bedroom home, and 93 percent say they want a home with at least two bathrooms. 

But the garage is becoming increasingly important to home shoppers, too, with 27 percent rating it as one of the most important home features, even above an updated kitchen (24 percent) and open floor plan (20 percent). 

Privacy is driving the purchase decisions of many older buyers, with more than 20 percent of those 55 and older saying that having a space of their own is their main goal, followed by the physical comforts and stability of homeownership. On the other hand, 17 percent of millennial buyers placed the highest weight on family needs when house hunting, followed by stability (14 percent) and personal expression (13 percent). Only 12 percent of buyers younger than 55 cited privacy as their chief priority. 

Rising Rents Push Millennials to Become Homeowners, Realtor.com®’s survey also shows that increasing rental costs are pushing more young adults toward homeownership, with 23 percent of buyers between the ages of 18 and 34 reporting rising rents as a trigger for their recent home purchase.

“Although record-low inventory and high prices make this housing market unique, some classic features still top most shoppers’ wish lists.”  “At the same time, we found some clear differences in priorities. For instance, older buyers are concerned with privacy and being able to age comfortably, while millennials place more emphasis on family needs, stability, and personal expression.”

Millennials Like Contemporary and Colonial Homes; Older Buyers Prefer Ranches, Among millennials who expressed a home-style preference – 11 percent didn’t – contemporary and colonial homes took the top spots, each favored by 10 percent of respondents.

On the other hand, ranch homes, which feature single-story living, are the most popular home style for buyers 55 and older, favored by 28 percent.  Ranch homes are followed distantly by contemporary homes, preferred by 12 percent of buyers aged 55 and over. Only 6 percent of millennials favor ranch homes.

FIND THE RIGHT HOME 

Source: realtor.com®