What Home Buyers Really Want

Published in the Anchorage Daily News on 4.25.2024

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By Connie Yoshimura

The National Association of Home Builders has published a 2024 study on what buyers are looking for in their homes and communities including what amenities are trending and the ones that are fading in popularity. I use their study to advise local builders and buyers in what to look for in a new home or what to include in the remodeling of their existing home. The survey takes into consideration geographic locations and demographics factors. However, some trends are universal such as the LAUNDRY ROOM. Many older Alaska homes first had the washer/dryer in the garage; then it moved upstairs to a hall closet with double doors and finally to a room of its own, complete with shelving, cabinets and sink. The study, including the appendix and charts and graphs, is over 300 pages and also examines how race/ethnicity, income and price point also factor into a new home buyer’s decision. So other than the laundry room, here is what buyers want.

A single- family DETACHED home is the top preference for 67% of all home buyers. Only 16% prefer a townhouse and only 10% a condo. So even if the lot size is small and only five feet separates you from your neighbor, it is one of the most important and expensive features. In fact, it may be more important than the garage, the fourth bedroom or even that laundry room. Anchorage should take serious note of this preference as planners, both public and private, talk more and more about building UP. Buying a new home is gaining traction in the market with 61% of buyers, particularly here in Alaska where the average age of our existing housing stock is 42 years of which a significant portion was built without building codes or the oversight of existing ones.?

New homes have an up charge of as much as 35% due to inflation and labor shortages but a new home avoids those unexpected or unplanned costs for new roofs, furnaces, appliances and higher and escalating utility costs. New homes are getting smaller with a median of 2,067 square feet of finished space compared to 2,260 in 2003. And the open floor plan with an amenity packed kitchen reigns as the overwhelming choice and if it’s a ranch even better! Over 54% of buyers prefer to live in a one-story home. Wealthier buyers want multiple stories including a lower level. The preference for a multiple generation home is strongest among minorities and fits our Alaskan demographics. Multiple generation homes require more bedrooms each with its own bath and preferably on different levels. Speaking of bathrooms, there can never be too many! Remember that half bath on the first floor called the powder room? Its now a FULL BATH.

?The kitchen is the heart of every home and has become more important, especially since the pandemic. It functions for cooking, working, studying and entertaining—with multiple family members and guests all at the same time. No wonder that kitchen island has grown to be the dominant feature along with a walk-in pantry. So where does the sink and stove go? A sink always needs a window and if the stove remains in the island, lets make it bi-level . And what about that space at the end of the island that builders and kitchen designers always forget about? Add a foot to the counter top so it’s an extra space for eating or conversation. A surprising 71% of buyers would pay extra to upgrade to a gourmet kitchen with higher-end appliances, Crystal cabinets, quart counter tops (with a little sparkle and matching the veins to the backsplash). And if the kitchen is the heart, then the primary bath is the home’s avatar with a floor to ceiling tiled shower with a custom mud floor and built in bench; a standalone clawed tub or quiet Japanese soaking with a view of the inlet, even if rarely used; a private toilet compartment and a double vanity, preferably separated. And for practicality, its own linen closet.

Moving outside, patios rank right up there with the laundry room as a most wanted feature and here in Anchorage with record snowfall, it should also include at least a partially covered roof area for that winter BBQ. Indoor to outdoor space is popular even in Alaska so the larger the deck the better. Hence, the proliferation of subcontractors for deck building. Just make sure they are currently licensed, bonded and insured.