Spring Time Is House Hunting Time!

This is the time of the year when schedules get crazy with end of school year, graduations, and so much more, It's also the season when house hunting is in full bloom. We've talked a lot about our current market's extreme imbalance of supply and demand. Even though we're beginning to see just the slightest uptick in inventory, homes for sale are being swooped up by buyers. Overbids are bringing pricing back to peak levels of yesteryear, buffered by historically low interest rates that are giving today's buyers so much purchasing power, allowing the cost of owning a home to be in line with personal budgets, even if the actual purchase prices don't seem to be. So what are buyers looking for in a home? Intero's global real estate partner, Luxury Portfolio, together with the Harrison Group, conducted a survey that focused on three income groups: upper middle class ($100-$149k income), core affluent (up to $450k income) and one percenters (more than $450k income). What they heard is that home buyers are looking for quality, and they're willing to pay for it. This trend represents a shift in priorities from “I want a good deal” to “it’s expensive but it’s worth it.” Here are the features these homebuyers are looking for: * Designed for entertaining (1st choice for 80% of millennials, ages 18-33, and generation x-ers, ages 34-47, and 83% of baby boomers/matures, ages 48-67). As such, amenities like fabulous kitchens with professional-grade appliances and outdoor decks and patios that accommodate get-togethers with family and friends are a must. * Master bedrooms (67% and 74% respectively). In addition to size and style, must-haves include en-suite luxury bathrooms and walk-in closets. * Lots of open space (60% and 65% respectively). The key word here is privacy. The more the better, with space around the home and nice scenic views. * Library/work space (50% and 57% respectively). A lot more people are working at home these days, at least some of the time. Even if you don’t, a nice dedicated office space/den to read, relax, and escape is desirable. * Open floor plan (44% and 51% respectively). Especially with less square footage, an open floor plan can make a home feel spacious and airy. And whether you want to be able to watch the kids, or if you’re the designated cook, no one wants to feel cut off and isolated. * Pool/spa/hot tub (44% and 36% respectively). Whether for entertaining, or for personal or therapeutic enjoyment, a water 'feature' can be desirable. Do you agree with these priorities? Let me know your thoughts!