In a new survey, commissioned by the National Association of Home Builders, it was determined what features are most popular with homeowners in today's market.
Builders from across the country were surveyed on what features they were most likely to include in a typical single-family home this year. The results revealed that convenience, livability and energy efficiency are top priorities.
"Newly constructed homes can suit the specific requirements of today's homebuyers," said NAHB Chairman Kevin Kelly. "Consumers can now take advantage of competitive home prices and low interest rates to find the perfect new home for their families."
Homebuilders are including features that are practical and functional for the daily lives of today's homebuyers. The feature most likely to be included in a typical single-family home this year is a walk-in closet in the master bedroom.
Other high-priority features requested by today's buyers are energy-efficient windows, a laundry room and a great room.
Energy efficiency is a key theme, with energy-saving appliances, programmable thermostats and energy-saving windows at the top of the list. These features help make the home more comfortable and can save the homeowner significant money over the long term.
On a median per-square-foot basis, homeowners spent 78 cents per square foot per year on electricity, while owners of new homes spent 65 cents per square foot per year, according to data from the American Housing Survey.
Q: How many homes are still underwater?
A: That number is higher than most people thought. RealtyTrac, a source for housing data, released its U.S. Home Equity & Underwater Report for the first quarter of 2014, which shows that 9.1 million U.S. residential properties were seriously underwater.
The combined loan amount secured by the property is at least 25 percent higher than the property's estimated market value — representing 17 percent of all properties with a mortgage in the first quarter.
The first-quarter negative equity numbers were down to the lowest level since RealtyTrac began reporting negative equity in the first quarter of 2012. Properties representing 29 percent of all properties with a mortgage were seriously underwater.
Q: Are curb appeal and staging important in today's marketing of homes?
A: These are increasingly important elements in preparing a home to be marketed. Curb appeal enhances the immediate impression of the property as prospective buyers approach it. Staging arranges the interior in a way that maximizes the appeal of the interior.
Today's home sellers should focus on curb appeal and home staging above larger-scale home renovations, according to a new survey from Zillow.
Real estate agents and interior designers nationwide were asked to identify the most valuable home improvements for sellers, and the experts agree that minor improvements, like landscaping and painting walls in neutral colors, save money and attract buyers faster.
Agents agree that sellers should avoid costly projects prior to listing their home, as the increased sale price may not outweigh the time and money spent on the remodel. Instead, agents and designers recommend spending money on minor renovations that will bring the home up to current market standards while also appealing to the broadest number of potential buyers.
Q: Are home sales better in urban or suburban areas?
A: Homes in the suburbs seem to be the best sellers. As the housing market progresses toward full recovery, a curious dichotomy has arisen between urban and suburban growth.
Asking prices for homes in densely populated and urban settings are still rising as the spring buying market catches its stride. It's the suburbs, however, where population is growing most.
To find out more about Jim Woodard and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at www.creators.com.
View Comments