5 features homebuyers are looking for in 2022: First-floor laundry, kitchen island, more
We all know that COVID-19 has changed the world as we know it: our society, the economy, and beyond. So it's no surprise to see that homebuyer preferences have changed dramatically over the past year as well, particularly those who work from home or have children who may have been impacted from school closures during the pandemic. A recent report from the National Association of Home Builders (NAHB), however, states that those who were able to maintain out-of-home daily life stayed much closer to their previous homebuying desires.
>Knowing what factors are most desired can help you appeal to homebuyers in today's market, and earn you top dollar with your next real estate investment. Here are the five features homebuyers are looking for in 2022.
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The fundamentals
Out with the old, in with the new: 60% of homebuyers are looking for new builds rather than an existing home. This could be tied to a number of factors, like not wanting to tour occupied homes, but there was a 4% increase in preference for moving to the suburbs from the previous study.
This shift in location preference was seen more in minority groups, with Asian populations seeing a 9% increase in the desire for a suburban home since before the pandemic compared to just a 1% increase for Caucasians. Suburban living typically lends itself to new builds, so it is likely that the interest in new homes stems from location.
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Two-thirds of homebuyers want a single-family detached home over a townhouse or condominium. This was universal across location, gender, income, and racial background. Not only that, but the preference is for larger homes, averaging 2,022 square feet. That's an 8% increase in size from the previous average of 1,877 square feet. From there, these homeowners mostly would like a three-bedroom, two-bath house with an open floor plan and a two-car garage.
The details
Within the home, buyers show a clear desire for certain amenities. Including these features in your next remodel or build should significantly increase the desirability of your investment.
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Laundry room
This is the top most wanted feature for a home, with nearly half of homebuyers saying it is essential and 87% overall saying it is a must-have or desirable. In addition, 63% want the room to be located on the first floor. And make sure the washer and dryer are EnergyStar-rated: 81% of homebuyers seek out EnergyStar appliances.
Exterior lighting
The next most desirable feature is exterior lighting, with another 87% seeking it out. And again, those green features count. Energy-efficient lighting makes the top five green features homebuyers are looking for.
EnergyStar-rated windows
Speaking of green features, rating at No. 1 on the green features list and No. 4 on the overall most-wanted features of a home is EnergyStar-rated windows. These are a big-ticket item and one that the homeowner can not easily upgrade like they could for, say, light bulbs or door color. If you're changing windows, make sure to swap out for this highly desirable feature that 83% of buyers are looking for.
Outdoor living space
Patios and front porches are popular as well. Just over 80% of folks are looking to have one or both in their new home. The patio comes in at slightly more desirable than a rear porch or deck. If you have to choose, go for the patio, but 75% would still be happy with a rear porch or deck. If you're in a higher-price point scenario, other outdoor living features like a kitchen, fireplace, and built-in grill are also desirable.
Functional kitchen
Buyers focused a lot of their intent and overall most important features into the functionality of the kitchen. Over three-quarters of homebuyers are looking for kitchen items like a double sink (81%), walk-in pantry (81%), table space for eating (78%), central island (77%), and drinking water filtration system (76%).
And don't forget those EnergyStar appliances. People are looking not only for environmentally friendly homes but more importantly to save money on their utility bills. More than half of homebuyers are willing to pay up to $5,000 more for a home if they can save $1,000 on their utility bills each year.
The Millionacres bottom line
These five features are being actively searched for by the vast majority of homeowners. Everything covered in this article had at least 76% of people looking for the feature. Incorporating these items into your next remodel or build will open up a large segment of potential buyers rather than having to work in niche markets with less demand and potentially longer days on market or a lower sales price.
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