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What Young Home Buyers Want in a House

July 5, 2013
From Loan Officer Joy James

From Loan Officer Joy James

When young, first time homebuyers are looking for a house, you would expect them to have a specific list of features they want, but research shows that what a buyer wants in a property varies greatly by age, and young buyers are not as concerned as older or repeat buyers about amenities inside the home.

“When people are younger and buying their first home, they are primarily interested in jumping into the real estate market to build equity, and the features are less important,” said Errol Samuelson, president of Realtor.com.

This fact was proven in analysis of data gathered by the National Association of Realtors on the top 10 items that homebuyers want in a property. At the top of the list was “one or more fireplaces.” Moving down the list, other features included an eat-in kitchen, en suite bath, hardwood floors, granite counters, and walk-in closets. No matter what the amenity was, buyers under the age of 35 rated the feature as less important and were less willing to pay extra for it than those in the 34-54 age category.

One item that did motivate young buyers was finding a home that is energy efficient. When asked in the National Association of Home Builders (NAHB) 2012 consumer preference survey, 80% of Generation Y buyers – born after 1977 – said they preferred a home that was more energy efficient and would result in lower lifetime utility bills over a home with a lower sales price that didn’t have that feature.

http://www.usatoday.com/story/money/personalfinance/2013/04/28/24-7-home-features/2106203/

http://www.nahb.org/news_details.aspx?newsID=16329

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