Despite scary gas prices, buyers want big garages

With the annual cost of gas averaging about what it used to cost for a used second-car, one might think that people might be downsizing their vehicles. In fact, home buyers in increasing numbers want garages with two or more spaces in their homes.

Surveys show that oversize garages saw the biggest growth in terms of what recent buyers considered very important in a home. Among buyers who purchased homes without this feature, 56 percent said they would have paid more for an oversize garage, compared to only 6 percent in the 2004 survey.

“Other priorities for today’s home buyers include air conditioning, with three out of every four respondents ranking this as “very important,” and a walk-in closet in the master bedroom, which was very important to 53 percent of respondents.

“Hardwood floors and granite countertops each gained 7 percentage points from the 2004 survey, with total scores of 28 percent and 23 percent, respectively, of buyers viewing these features as “very important.”

“Gaining 6 percentage points was cable/satellite TV-ready, at 46 percent.

A recent survey reports responses from buyers who purchased homes in 2006. Home buyers were asked about 75 features and room types to assess the importance of each.

REALTORS® see hundreds, if not thousands, of houses with their buyer clients every year and know exactly what buyers are looking for in a home. This insight is one more way REALTORS® add value to the real estate transaction and why nearly eight of 10 recent buyers used a real estate professional when buying their home.

“According to the survey, nearly six out of 10 recent home buyers took on remodeling or home improvement projects within three months of their purchase.

Close to half of home buyers who remodeled or made improvements updated their kitchen, and nearly half remodeled or improved their bathroom. New homeowners spent a median of $4,350 on home improvement or remodeling projects undertaken within three months of purchase.

“More than half of home buyers believe their home has high investment potential, and another four of 10 believe it has moderate investment potential. Only 3 percent felt their home’s investment potential was low.

The fact that a majority of home buyers quickly remodel key areas of their homes ties into the fact that their home is a good, long-term investment. Regardless of market conditions in the short term, when purchased for the long term, housing is one of the safest investments consumers can make.