Real Estate Articles

Home : Publications : Real Estate Articles

REALTOR®: Oversized garages on top of home buyer’s list, NAR survey shows

Cork and other natural flooring becoming popular too, local Realtor official notes

Monday, September 3, 2007

Home buyers in increasing numbers want garages with two or more spaces in their homes, according to the 2007 Profile of Buyers’ Home Feature Preferences, released by the National Association of REALTORS®.

Since the last survey in 2004, oversize garages saw the biggest growth in terms of what recent buyers considered very important in a home, gaining 16 percentage points to 57 percent. Among buyers who purchased homes without this feature, 56 percent of them said they would have paid more for an oversize garage, compared to only 6 percent in the 2004 survey.

Other priorities for today’s home buyers include air conditioning, with three out of every four respondents ranking this as “very important,” and a walk-in closet in the master bedroom, which was very important to 53 percent of respondents. Hardwood floors and granite countertops each gained 7 percentage points from the 2004 survey, with 28 percent and 23 percent, respectively, of buyers viewing these features as “very important.” Gaining 6 percentage points was cable/satellite TV-ready, at 46 percent.

The survey reports responses from buyers who purchased homes in 2006. Home buyers were asked about 75 features and room types to assess the importance of each.

“Realtors® see hundreds, if not thousands, of houses with their buyer clients every year and know exactly what buyers are looking for in a home,” said NAR President Pat V. Combs. “This insight is one more way Realtors® add value to the real estate transaction and why nearly eight out of 10 recent buyers used a real estate professional when buying their home.”

When asked what features buyers look for in a home and what they are willing to pay more for, San Mateo County Association of Realtors® (SAMCAR) President Geoffrey Craighead said, “These days, the typical home buyer is looking for a home that is in move-in condition. The more features a house has, and if it is well-priced, the more chances it will sell quickly. Homes with energy efficient features, hardwood floors, granite counter tops in the kitchen, are assets; cork flooring and other natural flooring are also becoming popular these days.”

Cork is a natural product and is environmentally friendly. No cork trees are cut down, only the bark is peeled without destroying the tree, and it grows back within nine years, ready to be harvested again. Cork flooring blends in well with other decorations and furniture and comes in a wide range of colors.

The NAR survey shows energy efficiency was more important to new-home buyers than buyers of existing homes, with 65 percent of new-home buyers saying it was very important compared to 39 percent for buyers of existing homes. Older buyers placed a higher priority on energy efficiency than did younger buyers – 63 percent of buyers 75 and older said it was very important, but only 32 percent of buyers who were 18-24 agreed.

The survey identified some regional preferences in home features. For home buyers in the South and Midwest, central air conditioning was a priority, with 91 percent and 81 percent, respectively, saying this feature was very important. Sixty-six percent of buyers in the South thought a walk-in closet in the master bedroom was very important, while 61 percent of Midwesterners valued an oversized garage. In the Northeast, the highest percentage of buyers placed a premium on a backyard or play area (53 percent), followed by central air conditioning at 41 percent. Two-thirds of buyers in the West want oversized garages (66 percent), followed by central air conditioning at 59 percent.

Age was the biggest differentiation in what buyers were looking for in a home. Buyers 75 years old and older wanted a single-level home (74 percent) that was less than 10 years old (43 percent) with a walk-in closet in the master bedroom (74 percent). Most buyers between the ages of 25-34 wanted a backyard or play area (60 percent). More than half of buyers over 65 wanted a separate shower enclosure in the master bathroom, compared to only one-fourth of buyers ages 25-34.

For those who purchased a home without it, 65 percent of buyers said they would be willing to pay a median $1,880 extra for central air conditioning. One out of four buyers was willing to pay a median of $4,760 more for waterfront property.

Homes are getting bigger, but have fewer bedrooms. From 2004 to 2006, the size of the typical home purchased increased by about 100 square feet to 1,840 square feet, while the median number of bedrooms dropped from four to three during the same period. The median home age reported in the current survey is 12 years, down from 15 years in 2004.

Craighead stressed, “The demand for homes is high in San Mateo County, but buyers are selective. The key is in pricing the home right and making sure it is in move-in condition.”

The San Mateo County Association of REALTORS® (SAMCAR) is a professional trade organization representing over 3,800 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula. SAMCAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in San Mateo County.

The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.

Variations of this article have appeared in local area newspapers.

For further information, please contact Julie Ziemelis, Director of Public Affairs, e-mail , or phone (650) 696-8214.

» Back to Real Estate Articles