Home buyers are showing some willingness to pay more for certain amenities in a home, according to the latest PulteGroup Home Index Survey of more than 1,000 adults ages 25 to 65.
What's surprising is that buyers say they'd give up some pretty alluring draws about a property for certain amenities: Forty-four percent surveyed say they're willing to give up a location near public transportation in exchange for certain amenities, and 35 percent say they'd give up better schools and proximity to entertainment and shopping.
So what are these amenities that home buyers want so badly? Fifty-one percent surveyed say they want their next home to be larger than their current residence, and 64 percent say they prefer a move-in ready home.
Among the most important features home buyers identified:
• "His and her closets" in the master bedroom (31%) and spa-like master bathrooms (23%)
• A large eat-in kitchen area (23%) and a kitchen island (22%)
• At least one bathtub in a home (54%)
"In addition to the more common home options, we're starting to see regional trends emerging among home buyer preferences," says Ryan Marshall , PulteGroup Inc.'s executive vice president of homebuilding operations, marketing and sales. "From outdoor kitchens in Florida, to spice kitchens in California, shoppers are increasingly discerning when it comes to home features that could be the deciding factor in their next move."
Folding, accordion-style glass doors are popular in the Southwest, while multi-generation floor plans and screened-in porches are popular in the Southeast, according to the survey. In the Northeast, balconies off the kitchen and rooftop terraces are sought-after, while "Jack 'n' Jill" bedrooms are in high demand in the Midwest.
The most important areas to home buyers when choosing a new home: kitchen (29%), bedroom (22%), and living room (18%).
"Consumers today aren't just looking for the biggest house on the block. They're looking for more efficient use of space and a greater area allocated to 'workhorse' spaces, like the kitchen," says Marshall. "Home buyers want unique features and amenities and will do what it takes to find the home they truly want, even if they have to pay more for a move-in ready home."
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