What homeowners want in a typical single-family home. Home sellers in the Twin Cities benefit by knowing what buyers want.
by Jeannie Hill on behalf of Home Destination: June 4, 2014
Twin Cities real estate sellers can pull ahead of their competition for buyers long before listing their home for sale. When making home improvements during the course of owning your home, if you plan to sell and become a move-up buyer someday, consider what prospective home buyers want to buy.
New housing data released by the Census Bureau June 2 indicates that U.S. homeowners enjoy the pleasure of sufficient space in their homes. Home buyers in the Twin Cities look much like the national profile of the typical homebuyer seeking to purchase a single-family home, according to the Highlights of Annual 2013 Characteristics of New Housing report. Chumming in together, both the median and average size of a newly constructed single-family home in 2013 reached new benchmarks:
* Median size of a new single family home - 2,384 sq feet
* Average size of a new single family home - 2,598 sq feet
* Average size of multifamily rental home - 1,082 sq feet
* Average new single-family home price per sq foot - $93.70
* Average new single-family home sold had a lot of 15,456 sq feet
* Average new single-family home contract price was $298,000
Single-family homes with two stories were more in demand than single level homes. Another home feature that really stands out is space dedicated to the number of bathrooms in a home. A whopping 188,000 homes had three or more bathrooms; while only 27,000 built their homes with one and one-half bathrooms or less. Also, 251,000 homeowners opted for a bigger home in order to have sufficient square footage to accommodate four bedrooms or more. While a smaller home is perfect for many homeowners, only 59,000 had two or fewer bedrooms.
Some homeowners rank the features of a single-family with differences that are intuitive, but most homebuyer perferences fall in line. While no two home buyers are exactly alike, the results of the Census report can be a starting point for sellers to know what the typical buyer wants.
WHAT HOMEBUYERS WANTED BUILT INTO THIER NEW SINGLE-FAMILY HOME
The list below is quoted precisely from the Census Burear report. Of the 569,000 single-family homes completed in 2013:
518,000 had air-conditioning
59,000 had two or fewer bedrooms and 251,000 had four bedrooms or more.
27,000 had one and one-half bathrooms or less, whereas 188,000 homes had three or more bathrooms.
166,000 had a full or partial basement, while 91,000 had a crawl space, and 312,000 had a slab or other type of foundation.
305,000 had two or more stories.
333,000 had a forced-air furnace and 216,000 had a heat pump as the primary heating system.
347,000 had a heating system powered by gas and 214,000 had a heating system powered by electricity.
A 2014 Trend in What Twin Cities Homeowners Want: Luxury
One housing trend that is emerging in 2014 is that new home sales and existing homes for sale that offer larger, more luxurious living quarter are in demand. Those who have the financial capacity to buy a Twin Cities luxury home are taking action and making real estate purchases at new speed. Read our post on which caters to the upper income set and is titled Lake Minnetonka Luxury Homes Have No Problem Finding Buyers.
"As builders and buyers return, the next question becomes what should be built? Extensive surveys of what potential home buyers want demonstrate what has changed and what remains most desirable." ~ builderonline.com
** Download a copy of the
Census Bureau's Characteristics of New Homes Built in 2013
If you are ready to step into Twin Cities housing market and list your home for sale, call me at 612-396-7832. Gain the benefits of marketing your home at a high level to the right buyers.
Jenna Thuening, a Twin Cities residential Realtor offers real estate news on the positive signals in the Twin Cities housing market as of June 1, 2014.
Eden Prairie MN 55344
Jenna's home page: homedestination.com
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