Here's what buyer's want

[Tom D]

Bright MLS conducted a nationwide survey of prospective homebuyers between December 15 and 16, 2024, to better understand the home features and neighborhood amenities that are most important to future homebuyers. According to responses from 672 individuals who were planning to buy a home in the future, the most important factor was the condition of the home. More than half (56.1%) said that it was “very important” to buy a home that was move-in ready, with no repairs or major improvements needed. Another 37.8% said that buying a home that was in move-in-ready condition was “somewhat important” to them.

Most important to buyers is whether there will be sufficient room, with 53.2% of respondents ranking the number of bedrooms as “very important” to them.

After the home’s size, the most sought-after feature was a garage, according to respondents planning to buy a home in the future, followed closely by a primary bedroom with en suite bathroom. Nearly 50% of respondents rated these home features as “very important” when looking for a home to buy.

Outdoor space was somewhat less important to survey respondents. Only 31.2% said that a large yard was a “very important” home feature, and just 24.3% responded that well-designed outdoor space was “very important.” But this survey suggests that future homebuyers would rather sit outside than work in the kitchen. Nearly one-third (32.5%) of individuals thinking about buying a home said a front porch was a “very important” feature, but only 24.8% rated a gourmet, upgraded kitchen as a must-have.

During the pandemic, homes with home office space were in demand but future homebuyers are less likely to need a home office as more workers return to the office. According to this survey, only 18.9% of future homebuyers said that a home office was a “very important” feature.

And while a majority of prospective homebuyers said that energy efficient / green features were “somewhat important,” only 32.0% said that they were a “very important” home amenity.

According to the survey, 40.2% of people considering a home purchase said that would look for a home in the suburbs. Nearly a quarter (23.5%) said that they wanted to buy a home in a small town, and 20.6% would look for a home in the city. Only 15.7% said that their preference would be a home in a rural or farm area.

As more people return to the office, proximity to work is becoming a more important factor to homebuyers. More than half (54.0%) of respondents said that distance from job/commute was a “very important” consideration, compared to 32.1% who said distance to family/friends was “very important.”

Walkability was cited by 36.1% of future homebuyers as being “very important,” although a smaller share—24.3%—ranked living near public transportation as “very important.” But around 31% of respondents said that it was “very important” to them to have retail/restaurants nearby and to have parks/open space nearby when buying a home.

School quality is also very important to some homebuyers. Over a third (35.6%) of future homebuyers reported that school quality was “very important” to them. But there is also a large pool of prospective buyers—38.1%—who are not considering school quality in their homebuying process.

 

[J Grant]

Good info, - though I have seen in my area where new kitchens and upgrades are a huge deal and in high demand.

 

[Tom D]

Around this big old urban area, the 2 biggest factors are GLA and overall condition. But i thought the above was a good article overall for the work file and non urban appraisers.

 

[Terrel L. Shields]

but only 24.8% rated a gourmet, upgraded kitchen as a must-have.

So they can heat up Door Dash..

Walkability was cited by 36.1% of future homebuyers as being “very important,” although a smaller share—24.3%—ranked living near public transportation as “very important.” But around 31% of respondents said that it was “very important” to them to have retail/restaurants nearby and to have parks/open space nearby when buying a home.

I wonder if that factor wouldn't change drastically if polling a somewhat rural or small-town area. Certainly, public transportation is a nothing burger in the hinterlands.

School quality is also very important to some homebuyers. Over a third (35.6%) of future homebuyers reported that school quality was “very important” to them. But there is also a large pool of prospective buyers—38.1%—who are not considering school quality in their homebuying process.

That makes perfect sense. And speaks of the demographic seeking homes - 1 in 3 more less have school age children whereas about 40% of buyers are past needing a 'good school'. Although it varies. My g-niece goes to a school 30 miles away. But her mother works nearby and commutes. I think rural living folks are more likely to not be intimidated by long commutes. I mean driving to Fayetteville from my house is a lot less harrowing than six lanes of traffic into LA or Chicago (although Chicago has lost significant population over the years.) Which reminds me, in High School we a video simulator to practice driving and the roads were in Chicago, often heavy traffic for the time at least (late 60s.)

 

[alebrewer]

After the home’s size, the most sought-after feature was a garage

It's interesting they didn't cite a % of respondents who said this was 'very important'. Its been my experience that garage importance is VERY specific to particular market participants. Typically, homes on the lower end of the price range (especially older homes) exhibit conversions, meaning that GLA is more important to this market segment than car storage. At the upper end of the price range, you almost never see conversions, meaning that car storage is more important to this market segment.

 

[Terrel L. Shields]

meaning that car storage is more important to this market segment.

Many of the larger new homes here contain more than 2 garage spaces and some contain a carport between the house and garage.

 

[Mark K]

I wonder if that factor wouldn't change drastically if polling a somewhat rural or small-town area. Certainly, public transportation is a nothing burger in the hinterlands.

Agree. Some info re; the demographics of the poll participants would be helpful. Many of the amenities cited are not at all important in this area. If they took the same poll in this area, the priority would be: 1. Site size (the bigger the better, 2-3+ acres at least) 2. School System 3. House size/bedrooms 4. Pole barn size. Most of the rest of the things would be tied for "Don't Care Either Way".

 

[Mile High Trout]

No hoa. 2 car garage. Fifth acre or larger land size. Min 2k usable sq ft, at least half finished. Low taxes. No fence height restrictions.

Trying to not see rainbow flags on my drive home... Priceless.

 

[Mile High Trout]

I mean driving to Fayetteville from my house is a lot less harrowing than six lanes of traffic into LA or Chicago (although Chicago has lost significant population over the years.) Which reminds me, in High School we a video simulator to practice driving and the roads were in Chicago, often heavy traffic for the time at least (late 60s.)

Was driving in Denver the other day and felt like a real world Frogger situation. Running out of time but could not make the first leap. The best part of less densely populated environments is fewer traffic lights. Takes me a half damned hour to drive what used to take five minutes. The people with stolen gas station squeegees are moving in and suddenly on every corner. That's how you know.

People are entire too focused on the house's current state of condition. They should be focused on immutable benefit and location. Lower monthly mortgage costs and utilizing short term loans to improve properties instead. Condition is temporary. While an out of control municipal authority with wild crazy dreams of removing all grassy areas in public parks and placing automatic ticket and fine generating street cameras on every corner rising crime and homelessness, those things tend to be more permanent. So are annoying neighbors whom watch your every move in that big nice new home, because you're on tenth acre lots and there is a three foot fence height restriction in the back yard. Hello neighbor!

Bright MLS... Asking the wrong questions. Not enough data. Colorado is off the deep end. You can't buy new unless you accept the emasculation of tiny lots, high density, inadequate short age life materials, overpriced efficient utility items, and worst of all; A non negotiable HOA, an increasing amount of them are municipal hoa's as well. Those are the very special HOA's where your home ownership taxes no longer go to standard parks and roads maintenance service like all your fellow citizens in other neighborhoods. Nope. With a municipal hoa controlled by the city, you get to be special, pay an elevated tax rate for new housing, and then pay an equivalent or even higher amount for standard city services. Progress!

 

[Flakey]

"Walkability" can be misleading. Some of our worst neighborhoods have high scores. Just because you could, don't mean you would.