The average buyer this spring selling season is looking for a three-bedroom, two-bathroom home with a modern kitchen and spacious garage, according to a new survey by realtor.com of more than 1,000 prospective buyers.
The survey found that 44 percent of respondents are looking for a three-bedroom home, while a whopping 93 percent say two bathrooms is a minimum requirement. However a garage is also in big demand, with 27 percent rating it as “important”. Other features include an updated kitchen, warranted by 24 percent, and an open floor plan, cited by 20 percent.
Other characteristics that buyers are on the lookout for include privacy, required by 20 percent of respondents aged 55 and older. On the other hand, some 17 percent of millennials said their family needs were a high priority. Just 12 percent of buyers younger than 55 years old said privacy was an important priority.
Another interesting finding from the survey is that increasing rental costs are pushing greater numbers of young adults to aspire to homeownership. Twenty-three percent of buyers aged 18 to 34 said that rising rents were the main factor behind their decision to buy.
“Although record-low inventory and high prices make this housing market unique, some classic features still top most shoppers’ wish lists,” said Danielle Hale, chief economist for realtor.com. “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.”
The survey also found generational differences when it came to architectural preferences. Older buyers tend to prefer a ranch style home, while millennials desire contemporary and colonial homes, the survey found.