The NAHB recently released the 2021 edition of its “What Home Buyers Really Want.” The study, conducted after the pandemic began last year, surveyed 3,247 recent and prospective home buyers.
Here are some of the findings:
The COVID-19 pandemic has influenced some home buyers
Though the majority of buyers (67%) said the pandemic didn’t impact what they look for in a home, 21% indicated they desire a larger home because of it; the demand is higher for those with at least one teleworker and one virtual student.
The pandemic also increased preferences to buy in an outlying suburb from 26% in previous studies to 30% this year.
Home style preferences vary
In a new question this year, participants were shown pictures of four exterior designs. The NAHB reports that preferences are diverse, with no one style garnering a majority at a national or regional level. Traditional homes led the way with 32%, followed by Contemporary (24%), Transitional (16%), and Modern (14%). Traditional styling was the top option in all regions except the Pacific, where Contemporary came out on top.
Shift in new vs. resale preferences
The majority of respondents—60%—desire a new home, the largest percentage in 14 years. “The increase may be due in part to buyers’ concerns about touring occupied homes during the COVID-19 pandemic, the severe lack of inventory of existing homes on the market, and the higher likelihood that new homes are located where buyers want to buy—the suburbs,” the NAHB explained.
Most desired home features include a laundry room, exterior lighting, patios
Home buyers were given a list of more than 200 home features. Of those, the most desired elements were a laundry room (87%), exterior lighting (87%), ceiling fans (83%), Energy Star-rated windows (83%), and a patio (82%).
On the exterior, home buyers additionally ranked front porches (81%), rear porches (75%), and a deck (75%) high on the list.
For the greater community, survey respondents indicated they want walking/jogging trails, a “typically suburban” neighborhood, a park, proximity to retail, and walkability.
Among the features that 40% of respondents indicated they don’t want were elevators, glass walls, a community daycare center, a wine cellar, and a pet washing station.
Open layouts still in demand
Despite some speculation to the contrary, most home buyers still desire open layouts.
Green homes must have ROI
There was a significant difference between home buyers being concerned about the impact of their home on the environment (78%) and those (15%) willing to pay more for an environmentally friendly home. “However, significantly more buyers are willing to pay extra for a home if they understand it will lead to annual savings in utility costs,” the NAHB said. “In fact, 57% are willing to pay $5,000 or more, on top of the price of the home, in order to save $1,000 a year in utilities.”
To get more insights, download a summary of the results or order the full “What Home Buyers Really Want” 2021 edition at BuilderBooks.
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