In a market where current inventory is low, it’s normal to think buyers might be willing to give up a few desirable features in their home search in order to make finding a house a little easier.
Don’t be fooled, though – there’s still an interest in the market for some key upgrades.
Here’s a look at the two surprising things buyers seem to be searching for in today’s market, and how they’re impacting new home builds:
Home Buyers Are Not Giving Up Their Garages
The National Association of Home Builders (NAHB) recently released an article showing the percentage of new single-family homes completed in 2018. The data reveals,
- 64 percent of new homes offer a 2-car garage
- 21 percent have a garage large enough to hold 3 or more cars
- 7 percent have a 1-car garage
- 7 percent do not include a garage or carport
- 1 percent have a carport
The following map represents this breakdown by region:
Evidently, a garage is something home buyers are looking for in their searches, but that’s not all.
Home Buyers Are Not Giving Up Their Patios
Patios are on the radar for buyers as well. Community areas are often common amenities in new neighborhoods, but as it turns out, private outdoor spaces are quite desirable too. NAHB also found that,
“Of the roughly 876,000 single-family homes started in 2018, 59.4% came with patios…This is the highest the number has been since NAHB began tracking the series in 2005.”
As shown in the graph below, the number of new homes built with patios has been increasing for the past 9 years. Clearly, they’re a desirable feature for new homeowners, too.
Home buyers are looking for garage space and outdoor patio living. If you’re a homeowner thinking of selling a house with these amenities, it appears buyers are willing to spring for those key features. A Staten Island real estate professional, a Realtor member of the Staten Island Board of Realtors® (SIBOR), can help you determine the current value and demand for your home.
The information contained, and the opinions expressed in articles, videos, or infographics posted or shared by the Staten Island Board of Realtors® (SIBOR) are not intended to be construed as investment advice. SIBOR does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. SIBOR will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.