What do Buyers Want?

How have all the recent news stories about the down real estate market and the tightening of lending practices affected what buyers are looking for in homes?   Surprisingly the minimum requirements that many buyers look for have not really decreased in this market.  Even increasing gas prices have not curbed the need for a large two car garage.  “According to the "Profile of Buyers’ Home Feature Preferences," 57% of recent buyers considered a large garage very important to a home — that’s 16 percentage points higher than the last time the question was posed in the 2004 survey. Of the buyers who purchased homes without an oversized garage, 56% of them said they would have paid more for the feature. Only 6% said the same in 2004.”

New homes are continuing to get bigger and the extras that buyers consider necessities include;

• Air conditioning (ranked "very important" by three out of four buyers).
• A walk-in master bedroom closet (53% of buyers).
• Hardwood floors (28% of buyers).
• Granite countertops (23% of buyers).
• Cable or satellite TV-ready (46% of buyers).

Despite the current state of the market buyers still view their home as a long term investment and are not willing to compromise in what they are looking for.  With the current selection of homes on the market being rather high, buyers are able to shop around until they find what they are looking for.