November 16, 2004 09:18 PM
Buyer's Home Feature Preferences Reflect Lifestyles
Excerpt: David Lereah, NAR's chief economist, said this is the first survey of its kind. "This is the most comprehensive look at buyer preferences ever produced and ranks findings in a variety of ways including buyer age, first-time and repeat buyers, regions of the country and locale," he said.
WASHINGTON (October 28, 2004) – Younger buyers care more about closeness to schools, parks and playgrounds, while older buyers are more interested in a bedroom on the main level and prefer single-story homes, according to a new survey on home buyer preferences by the National Association of Realtors®.
David Lereah, NAR's chief economist, said this is the first survey of its kind. "This is the most comprehensive look at buyer preferences ever produced and ranks findings in a variety of ways including buyer age, first-time and repeat buyers, regions of the country and locale," he said.
Although most buyers choose homes located in suburbs or subdivisions, homes purchased by first-time buyers are more likely to be older and located in a central city, while repeat buyers are more likely to select a new home. Older buyers are more inclined to purchase in a small town.
There are some strong regional differences. Nearly 90 percent of buyers in the South rate central air conditioning as a very important feature, compared to only 37 percent in the Northeast. Buyers in the West are more likely to desire a patio or fencing, while buyers in the Northeast and Midwest are more interested in a finished basement.
Lereah said that Realtors®understand the obstacles buyers face when choosing a home. "Realtors® are the best resource to match personal preferences and means with homes that are available on the market," Lereah said. "Since the characteristics and features of homes vary as much as the people who buy them, the knowledge and skills a real estate professional brings to the table are critical in making a wise investment."
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