'Many in the housing industry are wondering not only what today’s home buyers really want, but also what they are ready to leave behind in light of current economic realities.' ~ Rismedia.com
Minneapolis, Twin Cities Minnesota (PRWEB) June 04, 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 a home, it helps to consider what prospective buyers want from the Characteristics of Homes Built in 2013 Report. Released by the Census Bureau June 2, it indicates that U.S. homeowners prefer the pleasure of sufficient living space in their homes.
"Some homeowners rank the features of a single-family with differences that are intuitive, but most home buyer preferences fall in line," says Jenna Thuening, owner of Home Destination. "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 single-family home buyer wants."
According to the New Single-family Homes in 2013 interactive infographic, two story homes were more popular than single level homes. Another home feature that really stands out is layout 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.
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.
Notable statistics in the Census report include:
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
What Homebuyers Wanted Built Into Thier New Single-family Home
The list below is quoted precisely from the Census Bureau 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.
"One trend in Twin Cities single-family homes emerging in 2014 is that new home sales and existing homes for sale offering size and luxury are in demand," adds Thuening. "Those who have the financial capacity to buy a Twin Cities luxury home are taking action. The single most expensive Twin Cities home sale in 5 years was completed last week."
Home Destination is a 15-year veteran residential Twin Cities Realtor who helps homeowners through the process of selling a home. For a better idea of what is needed to appeal to a strong pool of home buyers, and to gain a complementary Minneapolis real estate seller's consultation, call 612-396-7832.