5 Home Buying Trends of 2017

Privacy was buyers’ top goal when searching for a home, followed by fulfilling familial needs, stability and financial investments

New Home Sales Increase Despite Rising Mortgage Rates
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“What do buyers want?” It’s a simple question with a complicated answer, but here are some of the five major trends buyers are pining for in 2017 thus far.

Large Backyards, Updated Garages and Kitchens

There are plenty of home improvement trends, such as shedquarters, man caves, private bars and blended living spaces, but buyers are focusing on the essentials of a home — backyards, kitchens and garages.

Eighty percent of buyers said the kitchen is the most important space in a home, followed by the master bedroom (49 percent) and the living room (42 percent).

Baby boomers said they’d rather have an updated garage over an updated living room, and millennials with families tend to prioritize large backyards with plenty of room for children to play.

On the other hand, the least-searched features were guesthouses, mother-in-law suites, solar panels and man caves.

Pass the ‘Ranch’

Ranch style homes took number one place in searches logging in at forty-two percent of users searching for a ranch-style home.

Craftsman and colonial style homes nabbed the no. 2 and no. 3 spots with 28 percent of users searching for each of these styles.

Privacy, Please!

Privacy was buyers’ top goal when searching for a home, followed by fulfilling familial needs, stability and financial investments.

Buyers aged 55 to 64 prioritized privacy the most, while shoppers aged 25 to 34 prioritized stability most since they believe homeownership offers future security and direction.

Millennial Families Grow While Older Buyers Downsize

Millennials cited that marriage or a growing family were the catalysts for them moving from renter to owner status.

Gen Xers, who are more likely to have school-aged children, tended to move so they could be in better school districts.

Meanwhile, older buyers aged 45-plus were looking to downsize and begin preparing for retirement.

Are Single-Family Homes for Older Buyers?

Younger buyers are shying away from single-family homes as their choice for a starter home, and are favoring townhomes and row houses instead. But, buyers 55-plus are almost exclusively (78 percent) searching for single-family properties.

 


Surveys and information from Realtor.com
Original article by Marian McPherson from inman.com

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