The National Association of Home Builders recently surveyed nearly 400 home builders to determine what home buyers are looking for when purchasing a new home. The trends have changed dramatically from luxury to “functionality.”
This new functionality trend is geared towards efficiency of resources and time. Gone are requests for: outdoor kitchens, main floor level carpeting, jacuzzi bath tubs, laminate countertops, media rooms, outdoor fireplaces, outdoor kitchens, large foyers etc. The average home buyers are not looking for these “luxury” items because they are costly and unnecessary. The new trends include: large walk in closets, functional laundry rooms, energy efficient windows, programmable thermostats, all wood flooring, extra space, garages and of course the beloved granite countertops.
In addition, home buyers must consider the boomerang children, aging parents and other care givers so there is a need for extra bedrooms. The aging parents will need higher toilet seats and step free showers and handrails. America please prepare for the multigenerational family! With the disparity of incomes and increase in cost of higher education families of all ages must live together. This is quite common in other parts of the world. Even if the first time home buyer can scrap up enough money to purchase a home it is set aside for the down payment not an outdoor kitchen.
We live in a new era folks so it is important to know your client. If they need to renovate suggest they put their money towards these “upgrades” and not a great patio or jacuzzi tub.