NAR Research Division, August 2007 What Buyers Want! Highlights from the NATIONAL ASSOCIATION OF REALTORS® 2007 Profile of Buyers' Home Features Preferences NAR Research Division, August 2007

About the Survey Home buyers were asked about 75 features and room types to assess the importance of each Buyers who didn’t get a feature they desired in the home they purchased, were asked how much extra they would have been willing to pay to get it The survey examined home improvement or remodeling projects undertaken by recent buyers The survey is based on 2,530 responses from buyers who purchased a home in between late 2006 and early 2007 The sample was obtained from Experian, a firm that maintains an extensive database of recent home buyers derived from county records The 2007 NAR Profile of Buyers' Home Features Preferences

What was Important While Searching for a Home? It was “very important” to find a home with: The 2007 NAR Profile of Buyers' Home Features Preferences

Oversized Garages are The New Big Thing With Buyers The most significant change between the previous & current survey in what buyers consider very important is oversized garages (up 16 points) Hardwood floors, granite countertops, and cable-readiness follow

Change in Preferences in Time It was “very important” to find a home with: N/A N/A The 2007 NAR Profile of Buyers' Home Features Preferences

A Few Regional Differences Southerners and Midwesterners Wanna Be Cool! Northeasterners Just Wanna Have Fun ! Westerners Wanna Park Their Cars!

Most Important Features by Region MIDWEST WEST NORTHEAST SOUTH The 2007 NAR Profile of Buyers' Home Features Preferences

Age Makes the Biggest Difference in What Buyers Want Walk-in closets for older buyers Back yards for younger buyers

Examples of Differences in Desired Features by Age of the Buyers The 2007 NAR Profile of Buyers' Home Features Preferences

What Would Buyers Pay More For? For those who purchased a home without a particular feature, most are willing to pay extra for central air conditioning, a median of $1,880 The biggest change was for an oversized garage, from 6% of buyers in 2004 to 56% in 2007 Buyers are willing to pay most for waterfront property, typically an extra $4,760

Energy Efficiency is Most Important to New-Home Buyers As buyers age, this becomes more important

How Important was a Home’s Energy Efficiency When Searching for a Home? Age of Home Buyer: The 2007 NAR Profile of Buyers' Home Features Preferences

Bigger and Younger From 2004 to 2007, the size of the typical home purchased increased by about 100 square feet The median age of homes purchased decreased from 15 to 12 years

Characteristics of Homes Purchased 2007 2004 Medians Size of home 1,840 sq. ft. 1,730 sq. ft. Age of home 12 years 15 years Number of levels 2 1 Number of bedrooms 3 4 Number of full bathrooms Number of fireplaces Central air conditioning 83% Garage 82% N/A Basement 41% Previously owned 71% Purchase price (median) $205,000 The 2007 NAR Profile of Buyers' Home Features Preferences

Detached and Suburban Over four-fifths of homes purchased are detached single-family homes More than half are located in the suburbs

Type and Location of Homes Purchased The 2007 NAR Profile of Buyers' Home Features Preferences

No Buyers’ Remorse More than 90 percent of home buyers are satisfied with the home they purchased Nearly two-thirds are very satisfied

How Satisfied Were Recent Home Buyers? The 2007 NAR Profile of Buyers' Home Features Preferences

From the Closing Table to the Home Improvement Store Sixty percent of buyers undertook home improvement projects immediately after the home purchase Median amount spent on home improvement or remodeling projects undertaken within three months of the purchase was $4,350

Who Did Home Improvement Projects Within Three Months of Purchase? Buyers who purchased homes aged: The 2007 NAR Profile of Buyers' Home Features Preferences

Which Home Improvement or Remodeling Projects? Rooms where improvements were undertaken: Features added or replaced: The 2007 NAR Profile of Buyers' Home Features Preferences

Get More… $50 for Members $125 for Non-Members 1-800-874-6500 www.realtor.org/store and click on the Research Tab Item #186-75-07