If you’re thinking of putting your home on the market, you’re probably curious about what today’s buyer wants. If you’re just starting your search for a home, you might wonder what factors other shoppers prioritize so you can gauge your competition. This year, buyers most want a home that’s a retreat, one that allows them to spend time connecting with their family and that is a solid financial investment.
Privacy and Stability Top Priority
When realtor.com interviewed buyers, they found many buyers want a home that feels secluded from the outside world. They want homes that feel like a personal sanctuary, fences that block out sound and landscaping that turns back yards into forest escapes.
Buyers between the ages of 55 and 64 valued privacy, but those between 25 and 34 said stability was their greatest concern. They want homes in neighborhoods that will continue to increase in value, so location is a key factor in their buying decisions.
Large, Updated Spaces
Media rooms and man caves are nice, but buyers are most concerned with the most lived-in areas of the home. Millennials with children look for homes with big back yards so they can spend time entertaining friends and playing catch with the kids. Baby boomers are looking for garages that have updates such as organized storage space and built-in workbenches. Eighty percent of buyers overall said a functional, updated kitchen was the most vital room of the home.
Ranch-style homes are the most popular, with 42 percent of users indicating a preference for this architectural style for its open layout and simple floor plans. Craftsman and colonial style homes often drew large numbers of buyers.
Rising Mortgage Rates Spur Buying
Mortgage rates rose right after election day, and are anticipated to keep going up. That’s both good and bad news for homebuyers. The knowledge that borrowing will cost more in the near future has driven many on-the-fence buyers into an active search. Some current homeowners are hesitant to put their homes on the market and trade their current low-interest mortgage for one with higher rates, so there are fewer homes on the market. In some areas, reduced supply and increased demand will cause homes to sell for more, but the same dollars don’t buy as much as they did just last year.
Whether you’re buying or selling, Fishers, Indiana, was just voted the best place to live in the entire United States. At Re/Max, we think it might be the best place in the world. Contact us today for help with your real estate needs.