A recently completed 2013 Profile of Buyers’ Home Feature Preferences study showed that trends in home buying throughout 2012, 2011 and 2012 were pretty consistent, giving you tips on features that matter when selling your home and other Chicago real estate.
The study was based on answers nationwide. However it showed average home sizes of 1,860 square feet in homes recently purchased and that newer homes were very attractive, with the typical home purchased built in 1996. It’s also interesting to note that nationwide, more than 50% of the homes bought were single story.
Obviously Chicago real estate and Chicago buyers value different features than residents of other states. For instance, home buyers in the South listed central air conditioning as a must-have, yet when reviewing the entire survey, air-conditioning was only a key concern to 65 percent of home purchasers. It was interesting to note that home buyers nationwide actually stated they would be willing to pay an average of $2,520 more for a home with central air conditioning.
Hardwood floors were another much loved feature, and considered a big value to those living in the Northeast. You’ll find as you look though Sergio and Banks Chicago real estate listings, that most of the homes we sell DO have hardwood floors. Garages were a universal concern to home buyers, with 78% listing it as an essential home feature. This is another area where Chicago home buyers agree with the national survey.
The National Association of Realtors® President Gary Thomas explained, “Deciding where to live comes with a lot of options, but buyers quickly realize that some features are more important than others when it comes to choosing the right house for them.” He shared that, “Buyers need to have a clear idea of what features are important to them and know where they are willing to compromise; in this respect, Realtors® can bring buyers home. Realtors® visit hundreds of homes with buyers each year, and have a unique understanding of what buyers value in their local markets.”
At Sergio and Banks, we practice this everyday, as a boutique real estate firm. We know our inventory so can easily match you to your Chicago home. Call us to tell us your needs to we can find you your home.
If you would like to read the details of the 2013 Profile of Buyers’ Home Feature Preferences, click here.