13 Feb 2020 Real Estate Projections: What Homebuyers Want
The wish list for first-time homebuyers! Thinking about what one wants in their dream house, the list can start out quite specific with particular wants and needs, but usually goes through several rounds of modifications once actual home viewings set in. Potential buyers learn quickly that too much specificity can narrow their search, too broad ends up with homes too far out of their price range, and too varied can be a frustrating experience for all.
So, what are the projected homebuyer wants/trends for 2020? Based on research, the findings are interesting:
The millennial generation is projected to be among the most active buyers in the coming year and could represent as much as 50% of new mortgagees. Approximately 60% of them are expected to search for homes in the suburbs and 16% are anticipated to target small town living.
Based on the expected low market of available homes, the home buying market is anticipated to be quite competitive with multiple bidding a common practice.
Most buyers want homes in good neighborhoods with quality schools available. Those wishes cut across all generations of potential buyers, even empty nesters who are familiar with resell value and the location-location-location mantra.
Having grown up with a constant stream of news on environmental concerns and sustainability needs, millennials are looking for those features to be incorporated into the homes they buy. Energy-efficiency in the kitchen and bathroom are important considerations. The use of green, environmentally-friendly, and durable building materials throughout the construction process is equally important.
Low maintenance homes are desirable. Fixer-uppers are not necessarily high on the wish list.
Outdoor space is important. Available green space in neighborhoods, backyards, dog parks, walking trails, and sidewalks are notable wants.
Customization options rate fairly high. Dedicated playrooms for kids, media or home theaters, or workout rooms are a few of the desirable spaces that many seek.
Hardwood floors remain high on most wish lists. Carpeted rooms, even in bedrooms, are not appealing to many.
Unique features in kitchens include apron farm sinks, stainless steel appliances, chef-quality stoves, built-in wine coolers, or built-in spice racks are appealing. Countertops in cement or stone are preferred.
Floating vanities make a bathroom standout. Dual rain shower heads and handheld showers make the list.
Soft earth-tone colors are popular, as is recessed lighting with eye-catching hanging light fixtures.
With all that said, sellers shouldn’t feel overwhelmed! This is simply a general overview and not a set of hard and fast rules that demand a major renovation before listing the home. But they are important points to note, especially for those items that can be easily and affordably accommodated. And it’s important to note that there is an inventory shortage so even if updates aren’t within the budget, there is a high demand for homes under $275,000!
So…. what’s your wish list?