Builders ask: “Tell us what you want — what you really-really want’

___

Published Date 3/7/2024

It’s obvious that when homebuyers prefer to buy in a well-established neighborhood they already know they won’t get every tiny detail they want in a home. After all, asking their Realtor to hold out until he or she has found one with every single amenity on their list may mean years of searching.

But new construction homes? Whole different ball game. Builders tend to listen to what buyers want so they can blow through subdivision sales quickly and move on to that next tract of land. “Today’s new-construction home buyers are more concerned with having properties that are personalized to their needs than having larger residences, according to a recent report from the National Association of Home Builders,” as reported by Realtor.com’s Clare Trapasso.

Buyers these days are willing to sacrifice some square footage if they get other key amenities they want. “Newly built homes have been shrinking to their smallest sizes in 13 years,” says Trapasso. “The average home was 2,479 square feet in 2022, then 2,411 square feet in 2023. Now, new construction could get even smaller.”

“Housing affordability has been deteriorating, caused by skyrocketing prices of materials, lumber, labor, and lots. We also have high mortgage rates,” says NAHB’s Rose Quint, which she says is leading buyers to seek new homes around 2,070 square feet in size. “That’s likely because smaller homes cost less and are often cheaper to heat, cool, and maintain.”

Trapasso says the NAHB surveyed about 3,000 prospective as well as recent buyers to figure out which features were the most important to them. For instance, laundry rooms need to be dedicated rooms. “Buyers don’t want to lug their dirty clothes to the laundromat or wash their delicates in a closet in their kitchen,” says Trapasso. Dirty clothes, like dirty dishes, need not be in view to remind them of what they don’t have time for.

Patios are a must and a key buying point for buyers. Whether firing up the grill, relaxing with earbuds, or socializing with friends, they are an extension of their living space even if they are smack up against a tall fence.

As for energy-efficient windows, homebuyers are increasingly concerned with environmental impacts and rising costs. Anything a builder offers that heralds more energy-efficient features to cut down on heating and cooling costs are automatic winners. “Buyers are very interested in the savings by paying for some of these features,” says Quint.

Ceiling fans may not be a designer’s delight, but people still want them in their homes — a basic home accessory hit with buyers seeking cheap ways to cool their homes.

They also scream for garage storage for overflow “stuff” and need space for it along with their vehicles.

Buyers are suckers for a front porch, even if they never sit upon it. The very idea of relaxing on a porch swing while sipping on that martini and even saying hello to passersby attracts them whether they have time for it or not.

Other amenities buyers clamor for is hardwood flooring, a bedroom and full bath on the main level (concerns with aging in place), energy efficient appliances, and eat-in kitchens (especially since dining room spaces are going away) and a walk-in pantry.

Curb appeal still matters to buyers, homeowners, and neighbors. “Many buyers prioritize beautifully landscaped properties they can enjoy on their own and when family and friends come over,” says Trapasso.

Add security cameras, wired security systems, programmable thermostats, video doorbells, multi-zone HVAC systems, and energy management systems for the home to the equation and you have the full picture of the amenities buyers flock to.

Realtor, TBWS

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

First Priority Home Loans is a DBA of Anchor Funding, Inc. NMLS #236419 & 1626581. California Bureau of Real Estate, Real Estate Broker Number 01276087. Loans made or arranged pursuant to the California Department of Business Oversight. California Finance Lenders Law license number 603 L293.