What homebuyers are searching for this spring
Instead of May flowers, perhaps April showers can bring more homes to the market this spring.
Specifically, three-bedroom, two-bathroom homes, which are all the rage this season.
According to realtor.com®, 44 percent of prospective buyers want a three-bedroom home, and 93 percent want a minimum of two bathrooms. The average buyer this spring is also looking for a home with features like a garage and updated kitchen. Twenty-seven percent named the garage as their most-wanted feature, followed by 24 percent with an up-to-date kitchen. And 20 percent of buyers desire an open floor plan in their home.
Not surprisingly, buyers 55 and older are more apt to want a ranch-style home, while millennials are most likely to be searching for a contemporary or Colonial home, though 11 percent of millennials said they didn’t have a preference on home style.
Twenty-three percent of millennials cited rising rents as a reason for buying, while 17 percent said family needs. Fourteen percent of millennials are buying because they crave stability, while 13 percent are seeking personal expression. Privacy is the most important reason for buying to those 55 and older, followed by a desire for physical comfort at 18 percent and stability, at 15 percent.
“Although record-low inventory and high prices make this housing market unique, some classic features still top most shoppers’ wish lists,” said Danielle Hale, chief economist for realtor.com®. “At the same time, we found some clear differences in priorities. For instance, older buyers are concerned with privacy and being able to age comfortably, while millennials place more emphasis on family needs, stability and personal expression.”
Topics
Share this post
Member Discussion
Recent Articles
-
PAR Honors Three Dedicated Realtors®
- September 19, 2024
- 4 min. read
Sherrie Miller received the Lifetime Achievement Award, Helen Miernicki received the Realtor® of the Year Award and Glenn Yoder received the Realtor® Active in Politics Award.
-
More Seniors Struggle Financially, Consider Roommates
- September 18, 2024
- 2 min. read
Struggling with high levels of debt and expensive housing costs, many seniors are becoming more receptive to living with roommates.
-
Hispanic Heritage Month: 2025 NAHREP Philly President Shares Story
- September 17, 2024
- 5 min. read
Sept. 15 through Oct. 15 marks National Hispanic Heritage Month, which celebrates the histories, cultures and contributions of Americans whose ancestors came from Spain, Mexico, the Caribbean and Central and South America. PAR begins the month by recognizing Jose Correa, a Realtor® for nine years.
Daily Emails
You’ll be the first to know about real estate trends and various legal happenings. Stay up-to-date by subscribing to JustListed.