Investment propertyNew Millennium Homebuyers Won"t Settle For Other"s Idea of Home
Home is a place to renew and recharge our batteries. Above all, it should be a haven for peace and reflection, giving meaning to all the craziness we endure on a daily basis. This and many other sentiments are reflected by new studies about what homebuyers want in a home, conducted by Texas A & M University"s Real Estate Center, and outlined in a release by Relocation Information Services.
Contrary to popular belief, we don"t seem to be as dictated by homebuilders as we would think, with these builders appearing to be searching for ways to make new homes more attractive to more people. Homes can no longer be defined simply as shelter. Rather, they are a "decompression zone, a place to finally sit down, prop your feet up and exhale from the rigors of the day," according to the study - at least that is the atmosphere for which homebuilders strive to achieve.
American homebuyers have some pretty specific items on their wish lists these days. Smaller homes are not necessarily reserved for first-time buyers. Elegantly appointed smaller homes are becoming the ticket for empty nesters scaling down from the family two-story castle. For the most part, however, homes have gradually gotten bigger over the years. Space seems to be what it"s all about, with many Americans unwilling to give up the room they want to stretch, breathe and grow.
According to the study, homes started getting bigger 30 years ago. Since then, many homebuyers could go without all the bells and whistles, perhaps to be added later, but they have not been will to give up on size. The size of bedrooms and family rooms are a major consideration to homebuyers, as are the orientation, size, and accessorization of kitchens and baths. Small kitchens just don"t sell any longer, with builders understanding that countertop space, cabinet storage and the integration of kitchen areas into living space are what buyers look for.
More singles are buying than ever before, with 26% in 1998 compared with 17% in 1970. Interestingly enough, fewer couples without kids buy homes, down 3% from 1970. Median two-earner family income has risen dramatically from the
middle of the last century, from $24,000 in 1950 to $55,400 in 1997, and single-earner family income rose another $11,000 to $30,200.
It is easier to understand the trend towards two-story homes, since their cost per square foot is generally less when less real estate is used for their "footprints". Homebuyers like the privacy upstairs bedrooms offer, however, and two story homes can offer more drama to the equation with high volume ceilings in some living areas as well. In 1971, only 17% of new homes had a second story. Last year, 52% had two or more stories, according to the study. Even with the average homebuyer getting older, second stories are increasing in popularity.
Homes don"t seem to getting bigger in the new millennium, however, with the average square footage stabilizing between 2200 and 2300 square feet. This is partly due, according to research, to family sizes getting progressively smaller. Also figuring prominently in this phenomenon are lot size shrinkage trends due to rising land costs, down to about 9,000 square feet on the average.
Three bathrooms and four or more bedrooms are more in demand, with homeowners using bedrooms for many more purposes than beds and dressers. Other trends continue towards creature comforts like separate tubs and showers and double vanities in bathrooms, multiple showerheads, skylights, and his and hers bathrooms and closets.
Walk-in pantries sell homes, as do big, well-lit kitchens that can accommodate guests who never seem to be convinced that there are other places to hang out. First floor ceiling heights have ballooned to nine foot stretches, giving extra volume to average to smaller homes and making larger homes seem more palatial. Also popular are media rooms, exercise rooms, security systems, decks and patios, central music systems, home theaters, and, of course, the now absolutely necessary home office.
The bottom line here is that American homebuyers will make their wishes known as lifestyles and various uses for their homes change within their lifetimes. Outside forces can dictate locations and lot sizes, but we, as consumers, seem to still be able to direct builders in what we will plunk down our hard-earned dollars for in new homes. And homebuilders, perhaps as never before, are listening to every whisper, whimper, and shout we are throwing their way to satisfy our ideas about the newer American Dream.