Successful US real estate investment caters directly for US property buyers. A recent survey reveals what homebuyers have put on their must-have lists this spring in terms of property types, size and fittings. The survey also looked at buyers’ reasons to buy and makes essential reading for sellers.
Realtor.com regularly release homebuyers surveys providing interesting insight into what US property buyers are looking for when they start their search for a new home. The latest survey, Spring Home Shoppers Report, includes some interesting findings, not least that big is not always better and that ranch homes rank as top favourite when it comes to architectural style.
Reasons for homeownership
Homeownership has fallen dramatically in the US over the last decade and it currently sits at a historic low. However, the housing market remains extremely busy with many US property buyers actively searching for a new home.
The Realtor.com survey asks interviewees to state their principal motive for owning a home. At the top of the list of reasons comes privacy (in the sense of having a space to call your own). Among the younger generations including the Millennials, family needs count as their top priority.
Reasons for buying a home
35% of buyers claim that being tired of their current home is the main reason behind their search for a new one. Among the younger and older age groups, a change in circumstances is the principal motive. Unsurprisingly, the older age groups (from 55 upwards) cite retirement as the driver behind their wish for a new home.
Type and size of home
US property buyers turn out to overwhelmingly prefer ranch-type homes. This architectural style is the favourite across the entire age group range and a particular preference among those over 45. Other types of homes at the top of buyers’ wish lists include those with a contemporary style.
Single-family homes come out as firm favourites with 53% of all buyers looking for this type of property in the US. The percentage is even higher among buyers aged over 35. Townhouse properties feature next on the list and are especially popular among younger buyers.
When it comes to size, US property buyers aren’t necessarily looking for large homes. Three-bedroom homes rank as the most favoured size – just over half of all buyers are searching for this kind of property. Older buyers also opt for two bedrooms while very few buyers are looking for four-bedroom homes. The vast majority prefer a property to have two bathrooms.
US property buyers wish list
As far as must-haves, buyers this spring are unanimously in their top priority. For a massive 80% of those surveyed, the kitchen counts as the most important feature of the home. It maintains high rankings across all the age groups.
A master bedroom comes second in the list of must-haves, followed by a living room. However and perhaps surprisingly, in the older buyer groups, having a living room isn’t as important as a garage.
“US property buyers clearly want three-bedroom single family homes,” says Dies Poppeliers, Managing Director of BRIC Group. “It therefore makes sense for investors to aim at this target market, particularly in areas where supply is low and demand high. Southwest Florida is one such area and has, we believe, strong potential for returns.”
BRIC Group, an investment company specialising in global real estate opportunities, offers US real estate investments including turnkey properties in Florida and Houston, and land plots in Florida. BRIC Group is also developing The Coral resort, in Northeast Brazil, a luxury beachfront resort with land and villa investment opportunities. BRIC Group has been creating wealth for its clients since 1996 and has offices in Brazil, Dubai (consulting office), Hungary, Spain and the US.