TRENDS IN HOME BUYING SO FAR THIS YEAR
Even though we are only two months into the new year, we are already seeing some popular trends when it comes to home buying. For starters, single family homes still remain the most popular type of home despite the buzz around luxury condos and apartments. Shortly behind were townhomes, condos, co-ops and manufactured homes.
Homes are getting smaller. According to realtor.com, new single-family homes totaled an average of 2,520 square feet in 2019. This is the smallest they have been since 2011. We are seeing that most home buyers are first time buyers who are struggling with affordability. This is causing the increase in demand for smaller, more affordable homes.
Home buyers are more likely to choose a small, high quality home with the top features, than a large home that needs work. These first time buyers are valuing high quality and amenities much more than size.
It is most common for first time buyers to choose an existing home, while repeat buyers are leaning more towards new construction.
There are some features you must have. The most desired feature for home buying this year is a walk in closet. The less exciting but still important features were things such as energy efficient windows, laundry rooms, energy efficient lighting, and open concept first floors.
Some of the least popular features include cork flooring on the main floor, geothermal heat pumps, solar water heating and electrical systems, and laminated countertops in the kitchen.
Popular materials and rooms.
Modern choices are still just as popular. Buyers are picking stainless steel appliances over black ones and granite counter-tops over laminate. First time buyers want dining rooms and both a bathtub and shower in the master bathroom. Repeat buyers however are more concerned with garage storage and outside lighting. Both groups came to an agreement on wanting laundry rooms, energy efficient windows, hardwood flooring, and patios.