What do consumers want? A Home! How do they want it?
In the suburbs, with three bedrooms and two bathrooms!
At least, that’s what a new survey from the National Association of Realtors found.
The study shows that the median age of homes sold is around 27 years with a median size of 1,900 square feet. 7,200 of respondents bought a home between July 2017 and June 2018.
Home shoppers seem to be more influenced by the price of the home, rather than the overall look. 63% of buyers confirmed either “better price” or “better overall value” as their reason for purchasing an older home.
Only 21% chose their home based on the “charm” or the “character.”
Most homeowners are wanting a house that’s move-in ready – and honestly, who can blame those not wanting to renovate – 38% of new-home buyers said they wanted to “avoid renovations or problems with plumbing or electricity.”
And while millennials are cited as wanting to live in the city, 51% of buyers surprisingly bought in the suburb while 20% bought in small towns, 13% in rural areas, and 14% in urban centers.
While looks are obviously important, it looks like price point comes first.