What features are buyers looking for in their home purchase?

A report recently published by the National Association of Realtors (NAR) describes what "specific features and amenities buyers value most in a home". This data was gathered from home buyers that purchased a home between late 2005 and early 2007. Here are the findings:

CHARACTERISTICS OF HOME PURCHASED

• The typical home purchased during the survey period was 12 years old, 1,840 square feet in size, and had three bedrooms and two bathrooms.


• First-time buyers typically purchased smaller and older homes than repeat buyers and were more likely to purchase a home in an urban/central city area.


• More than 80 percent of homes purchased had central air conditioning and garages, and less than half had basements.
  
• More than 90 percent of home buyers were satisfied with the home they
  purchased, and nearly two-thirds of all buyers were very satisfied.

SEARCHING FOR A HOME

• Nearly four out of five home buyers worked with a real estate agent to purchase their home.


• When searching for a home, the most desired features were central air
  conditioning, an oversized garage, a walk-in closet, and a backyard or play area. The most desired rooms/spaces were garages, living rooms and laundry rooms.


• Repeat buyers placed more importance than first-time buyers on almost all home features.


• Home buyers that purchased a home without a desired feature or room would be willing to pay extra for central air conditioning (typically $1,880), two or more full bathrooms (typically $2,040) and hardwood floors (typically $1,900).
  
• Over 90 percent of recent home buyers thought energy efficiency was an
  important consideration when searching for a home to purchase.
  
• When comparing the home they recently purchased to their ideal or preferred home, most home buyers were satisfied with regard to their home’s age, overall size, size of the kitchen, number of bedrooms and bathrooms, and closet and storage space.