What are buyers looking for?

The NAR is preparing to launch its 2007 Profile of Buyer’s Home Feature Preferences in about a month. For REALTORS who aren’t a subscriber to NAR’s weekly newsletter, or those who are looking, here’s the blurb:

Central air conditioning, walk-in closets, hardwood floors, high-end kitchen appliances, oversized garages and patios were among the features buyers said they would pay the most for in a home, according to the 2007 Home Profile. NAR to be published soon. Buyer’s home feature preferences. The report, due to be released in early August, looks at what buyers want, why they pay more, and what they end up with when the transaction is done and done.

I thought I would take a moment and throw my thoughts on these things. That should be fun. Everyone wants MY opinion, right?

Central Air Conditioning – OK, here in Georgia, I think it’s pretty rare to find a home without central air conditioning. I know there are some out there, but they are not very abundant.

Walk-In Closets: I think we should talk about walk-in closets in every room. Most homes built in recent years have at least one walk-in closet for the master bedroom. I’m starting to see more homes, even mid-priced, with multi-bedroom walk-in closets.

Wood Floors – Always one of my favorites. There are many older homes with great hardwoods, some even under the rug. Newer homes also feature more and more hardwood floors. As homes move towards the higher end, I see more and more area covered with hardwood. Fortunately, this is also something a seller can do with your home to help it sell more easily in today’s market.

High end kitchen appliances – another favorite of mine. I’m seeing a movement away from stainless steel and toward slightly softer finishes like pewter, graphite, and stone gray. I’m also starting to see a lot more high-end built-in refrigerators on the market. Also at the high end are the under-counter wine cabinets, double dishwashers, and warming drawers. Stainless steel, while still found in high-end homes, is also making its appearance in more entry-level homes. This is another thing sellers can do if they are renovating their kitchen or appliances need to be replaced.

Oversized Garages – My Specialty. But seriously, most buyers are couples and have at least two cars, they also have gardening equipment and hobby stuff like bikes etc. that need to be stored somewhere. The traditional two-car garage is getting pretty cramped. Add in the number of minivans and SUVs out there, and the fact that most people would prefer to park inside, and it’s not hard to see why larger garages are becoming mainstream. For car enthusiasts, especially at the higher end of the market, I see more garages for 5 or more cars than ever before.

Patio Space – This is another thing I really like to see. The outer space must not only be there, but it must be available. Regardless of price, I see the outdoor areas being treated more like living space. Most people like to grill at least a couple of times a year. If you have children, you want to be able to enjoy family time outdoors, and many people like to entertain. Since outdoor space is typically considerably larger than most indoor spaces, it only makes sense to have an outdoor family and entertainment space. On the entry level, a simple table and chairs on a patio may be enough to help a buyer “see themselves” outside. At the higher end, I see more outdoor kitchens and more structured layouts that include spas, pools, waterfalls, and generous covered spaces.

What do you think? If you are a buyer, what are you looking to find?