What Home Buyers Wanted and Built in 2017

At one of the Press Conferences at IBS I learned what new home buyers bought, what they wanted in their new homes, what they don’t care about and even a little about tiny houses.

New Homes built in 2017 averaged:

• 2,627 Sq Ft, same as 2016
• 46% had 4 bedrooms
• 20% had a 3 car garage
• 37% had 3 or more bathrooms

Potential Tiny Home Buyers:

• 53% of those interviewed by the NAHB said they would potentially buy a tiny house. 28% said yes they will consider buying one while another 25% said they may consider it.
• 63% of Millennials would purchase a tiny house
• 53% of Gen Xers
• 45% of Boomers
• 29% of Seniors would purchase one

Potential New Home Buyers:

• 51% of new home buyers are looking for a first floor bedroom suite.
• 53% want a home office, work space or a family communications center
• 62% want additional bedrooms with private bath.
• 32% desire a dedicated game, hobby craft room.

First Time Home Buyers ‘Want List’ in Order of Preference:

1. Living Room
2. Laundry Room
3. Dining Room
4. Garage Storage
5. Walk in closet in Master Bedroom
6. Both a shower stall/tub in master bath
7. Front Porch
8. Great Room
9. Two car garage
10. Kitchen double sink

Second Time Home Buyers “Want List’ in Order of Preference:

1. Laundry Room
2. Living Room
3. Walk in closet in master bedroom
4. Two car garage
5. Garage storage
6. Kitchen double sink
7. Dining Room
8. Patio
9. Table space for eating in kitchen
10. Both shower/tub in master bath
11. Hardwood Flooring
12. Energy Star Appliances
13. Great room
14. Granite countertops

First Time Buyers’ Most Important Factor when choosing new home:

• Price 60%
• Location 24%
• Home Features 8%
• Home Size 7%
• Other 1%

Least Desirable Home Features in order by Generation:

Millennials:

1. Elevator
2. Golf Course community
3. High Density community
4. Pet washing station
5. Cork Flooring
6. Only a shower stall in the master bathroom
7. Wine Cellar
8. Laminate kitchen countertops
9. Dual toilets in Master bath
10. His and Hers baths

Gen Xers:

1. Elevator
2. Golf Course Community
3. Pet washing station.
4. Wine Cellar
5. High Density community
6. Cork flooring
7. Daycare center nearby
8. Laminate kitchen countertops
9. Dual Toilets in master bath
10. Only a shower stall in the master bathroom

Baby Boomers:

1. Elevator
2. Daycare center nearby
3. Pet washing station
4. Wine Cellar
5. Golf Course community
6. Two story family room
7. Dual Toilets in master bath
8. High Density community
9. Wet bar
10. Cork flooring

Seniors:

1. Daycare center nearby
2. Pet washing station
3. Elevator
4. Wine Cellar
5. Golf Course community
6. Two story family room
7. Cork flooring
8. Baseball or soccer fields nearby
9. Two story entry foyer
10. Game room.