A survey conducted by Coldwell Banker of it’s real estate agents across North America revealed that home buyers are motivated by lifestyle needs and are more willing to buy homes with updated kitchens and open floor plans than homes with “trendy” media rooms.
Highlights from the survey:
Of the real estate professionals surveyed:
- 94 percent say their sellers are getting rid of clutter and making cosmetic updates, such as fresh paint and minor repairs.
- 76 percent of respondents agree that clients are willing to “de-personalize” the home.
- 59 percent of respondents say sellers are even bringing in new home decorations or furniture to help make the home more appealing.
- 33 percent of agents surveyed say that a new or updated kitchen is the most important feature to homebuyers.
- 14 percent say the most important feature to homebuyers is an open floor plan, while 12 percent say it is a new or updated bathroom.
- Only 1 percent of the real estate professionals surveyed say they believe that entertainment rooms or finished basements are the most important feature.
- The survey shows growing families is currently the biggest lifestyle driver for home buyers.
- 70 percent of real estate professionals surveyed say a new baby or growing family is the “most common,” or a “very common” lifestyle reason that North American buyers search for a new home. Other key motivators include:
- Marriage – 59 percent.
- Divorce – 48 percent.
- Retirement – 37 percent.