What do repeat buyers want? What are millennials looking for in their first home? These were the types of questions asked in Better Homes and Gardens first Home Buyer Study. The study surveyed 2,000 recent home buyers and 500 real estate professionals to see what was trending in home buying today.
The Length of the Home-Buying Process is Changing
The home-buying process is now taking longer than it used to. According to the study, first-time buyers reported spending an average of five months from research to closing, and repeat buyers said they spent four months to do the same. In 2012, though, the National Association of Realtors report stated that the home-buying process took first-time buyers three months and repeat buyers just two-and-a-half months.
One reason for this increase in time spent on the home buying process could be the amount of online property search sites. While these websites increase the options available, they also increase time spent searching. The loan process can also expand the search time. This is why real estate agents recommend getting preapproved for a mortgage.
One reason for this increase in time spent on the home buying process could be the amount of online property search sites. While these websites increase the options available, they also increase time spent searching. The loan process can also expand the search time. This is why real estate agents recommend getting preapproved for a mortgage.
Millennials Purchase if it's a Good Investment
About 65 percent of millennials who buy a home say they think it's a good investment, according to the Better Homes and Gardens Home Buyer Study.
The other reasons millennials reported buying a home were because it's a good way to put down roots (40 percent), it's part of being an adult (40 percent), and because it's a sign of being successful (31 percent). Agents recommended that buyers picture themselves as eventual sellers to maximize their investment.
The other reasons millennials reported buying a home were because it's a good way to put down roots (40 percent), it's part of being an adult (40 percent), and because it's a sign of being successful (31 percent). Agents recommended that buyers picture themselves as eventual sellers to maximize their investment.
Buyers Want Move-In-Ready Homes
In the past, buyers sought our fixer-uppers with outdated kitchen, old carpeting, and unnecessary interior walls, noted the Better Homes and Gardens Home Buyer Study. The study reported that 52 percent of buyers want a home that doesn't require a lot of work. In fact, they said they valued purchasing a newly built home or one that didn't require any renovations or repairs before moving in. Thirty five percent of buyers reported being concerned about budgeting for renovations.
With that said, eighty five percent of buyers stated that they ended up buying a home that needed some work. Real estate agents noted that projects like refinishing flooring, swapping out appliances, or painting shouldn't scare buyers away.
With that said, eighty five percent of buyers stated that they ended up buying a home that needed some work. Real estate agents noted that projects like refinishing flooring, swapping out appliances, or painting shouldn't scare buyers away.
Kitchens Still Rule Buyers Hearts
Buyers stated that the kitchen was the room that most motivated them to purchase their home. Real estate agents reported that buyers are looking for double ovens for entertaining, kitchens with islands with room for seating, high-end appliances, and specality options such as built-in coffee makers or wine refrigerators.
According to the National Kitchen and Bath Association, the average cost to remodel a kitchen that's 150-350 square feet is $48,000. Top-of-the-line kitchens usually include features such as Wi-fi enabled appliances, an open floor plan, and custom cabinetry.
According to the National Kitchen and Bath Association, the average cost to remodel a kitchen that's 150-350 square feet is $48,000. Top-of-the-line kitchens usually include features such as Wi-fi enabled appliances, an open floor plan, and custom cabinetry.
