In all the recovery of the housing market, there are clear trends developing within the houses that have sold versus the homes that have not. The National Association of Home Builders (NAHB) conducted a large study to pinpoint on how having a recession followed by a recovery has influenced the lifestyle preferences of home buyers. The survey found the top three items sought for in a home are: energy star appliances, energy efficient laundry rooms, and double sink, French doors, full house technology luxury items. In contrast, buyers do not want: elevators, golf course homes, and laminate countertops.
The housing market as a whole is moving to the periphery of the city centers with only 8% looking to buy within the core of a city which is a return to pre-recession movement. During the height of the recession, urban lifestyles boomed to save in gas prices, transit time, and the living out of town expenses.
The return to the rural/suburb shift of buyer movement means we will be soon seeing a rise in current urban renters looking to buy. Stats show 60% of single-family renters plan to buy within the next five years! “demand for single-family homes, the fastest growing rental category, will be more stable than multi-family demand,” according to the survey findings.
Buyers want energy efficiency and buyers want to buy at an increasing rate beyond what the real estate market has seen in years past. This will be one heck of a year!
Hart Real Estate Solutions