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Consumer Buying Trends { Demographics & buying patterns for the home } ® A CYGNUS BUSINESS MEDIA PUBLICATION SALES OFFICES NATIONAL SALES MANAGER MIDWEST Michael Mandozzi 3030 W. Salt Creek Lane Arlington Heights, IL 60005 Phone: 847-454-2715 Email: mike.mandozzi@cygnus.com Study Pinpoints Features Most Valued in New & Existing Homes WASHINGTON, DC — Purchasing a home is an important life decision, and many factors can infuence the choices buyers make – including the products and features they select for the kitchen and bath. That's the word from the National Association of Realtors, whose recent study – 2013 Profle of Buyers' Home Feature Preferences – examines the home features buyers prefer, as well as diferences when it comes to region, demographics and household composition. "Deciding where to live entails a lot of options, but buyers quickly realize that some features are more important than others," said NAR president Gary Thomas, who noted that factors such as location, the school district and lot size are important factors – as are interior features. According to the Washington, DC-based NAR, geography and demography strongly infuence the interior features that buyers value in a home. Among the 33 home features listed in the NAR survey, central air conditioning was the most important to the most buyers, with 65% considering the feature "very important." The next most important feature was a walk-in closet in the master bedroom, with 39% of surveyed buyers saying they considered this very important. Closely behind was having a home that was cable-, satellite TV-, and/or Internet ready, as well as a master bathroom suite. Stainless-steel appliances and a kitchen island are also much desired, the NAR said. Buyers value some features so much that they are willing to spend more money to have them, according to the NAR. Sixty-nine percent of buyers who did not purchase a home with central AC would be willing to pay $2,520 more for a home with this feature. Sixty-nine percent of buyers who did not purchase a home with new kitchen appliances would be willing to FEATURES MOST VALUED IN TODAY'S NEW & EXISTING HOMES FEATURES TERMED 'VERY IMPORTANT' BY SURVEYED ONLINE HOME BUYERS Although desired home features vary somewhat according to region, type of home and buyer demographic, there are certain features that are consistently attractive to potential online home buyers, as refected in the graph to the right. The importance of each feature varies, however, depending on whether the home buyers are planning to purchase is new or previously owned. Walk-in Closet in Master Bedroom 31% 63% Master Bath Suite 28% 51% New Kitchen Appliances Eat-In Kitchen 13% 38% Stainless-Steel Appliances PRODUCT & LITERATURE SHOWCASE/CLASSIFIED ADS Nancy Campoli 558 Prospect Avenue River Vale, NJ 07675 Phone: 800/547-7377 x6127 E-mail: nancy.campoli@cygnus.com EDITORIAL OFFICES 3 Huntington Quadrangle, Suite 301N Melville, NY 11747 Janice Anne Costa, Editor Tel: 631/963-6233 E-mail: janice.costa@cygnus.com Anita Shaw, Managing Editor Tel: 631/963-6209 E-mail: anita.shaw@cygnus.com Kimberly Berndtson, Senior Editor Tel: 920/563-1722 E-mail: kim.berndtson@cygnus.com 3030 W. Salt Creek Lane, Suite 200 Arlington Heights, IL 60005 14% 40% Kitchen Island WEST/SOUTHWEST Kim Carroll 7355 19th Avenue NW Seattle, WA 98117 Phone: 206/781-0714; Fax: 206/473-0724 E-mail: kim.carroll@cygnus.com PUBLISHING HEADQUARTERS 19% 37% Granite Countertops Joe May 297 Concord Road Marlborough, MA 01752 Phone: 800/547-7377 x2718 E-mail: joe.may@cygnus.com 1233 Janesville Ave. Fort Atkinson, WI 53538 Phone: 631/845-2700; Fax: 631/845-2741 20% 36% Hardwood Floors EAST/SOUTHEAST Joanne Naylor 540 Lee Court Wyckoff, NJ 07481 Phone: 201/891-9170; Fax: 201/839-9161 E-mail: joanne.naylor@cygnus.com CORPORATE HEADQUARTERS 19% 61% Source: National Association of Realtors Very Important in a Previously Owned Home • Very Important in a New Home • pay $1,840 more for a home with this feature. A walk-in closet in the master bedroom was the third most common feature on which buyers would spend more. Sixty percent of buyers who did not purchase a home with a walk-in closet would be willing to pay $1,350 more for a home with this feature. The rooms that buyers were willing to pay the most for were a basement and an in-law suite, the NAR reported. Thirtythree percent of buyers would be willing to pay a median of $3,200 more for a home with a basement, and 20% of buyers would be willing to pay a median of $2,920 more for a home with an in-law suite. The two most common rooms buyers were willing to spend more for were a laundry room and a den/study/home ofce/ library. Sixty-three percent of buyers who did not purchase a home with a laundry room would be willing to pay $1,590 more for a home with this room. Forty-four percent of buyers who did not purchase a home with a den/study/home ofce/ library would be willing to pay $1,920 more for a home with this room. Although 97% of recent buyers were satisfed with their home purchase, there are always features buyers would like that they don't have, said NAR V.P./Research Paul Bishop. "Most satisfed homeowners still said they would like more or larger closets and storage space," Bishop said. "In addition, nearly half of recent buyers would prefer a larger kitchen, and two out of fve would prefer a larger home overall." Within three months of a home purchase, 53% of buyers undertook a home improvement project, the NAR said, adding that remodeling the kitchen (47%) was the most common home improvement project; and bathrooms (44%) were a close second. Forty-one percent of buyers who made home improvements added or replaced lighting, and 37% added or replaced appliances soon after becoming a homeowner, the NAR noted. Eliot Sefrin, Publisher Emeritus E-mail: eliot.sefrin@cygnus.com John Huff, Group Publisher E-mail: john.huff@cygnus.com REPRINT SERVICES For reprints and licensing please contact Nick Iademarco at Wright's Media 877-652-5295 ext. 102 or niademarco@wrightsmedia.com. SUBSCRIPTIONS, BACK ISSUES 1233 Janesville Avenue Fort Atkinson, WI 53538 Tel: 920/563-1761; Fax: 920/563-1704 MAILING LIST RENTAL Elizabeth Jackson Tel: 847-492-1350 ext. 18 E-mail: ejackson@meritdirect.com 11% 36% Web site: www.ForResidentialPros.com July 2013 ForResidentialPros.com | 9