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

2. 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

3. 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

4. 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

5. 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

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

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

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

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

10. 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

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

12. 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

13. 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

14. 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

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

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

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

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

19. 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

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

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

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