Homebuyer Buzz: Talking the Buying Process and Must-Have Features
February 27, 2020
Homebuyer Buzz is our monthly round-up of news stories related to the latest in homebuying trends — from the evolving wants of homebuyers to design news and more.
This February, it’s no secret that millennials are expected to be a powerful force in 2020. We also learned how homebuyers really feel about the homebuying process (it makes some cry!) and what features are considered the must-haves in each state (Iowans love their acreage).
Millennials will dominate housing in 2020. Millennial homebuyers will account for 50 percent of mortgage originations in 2020, according to George Ratiu, a senior economist at realtor.com. It’s also expected that southern and western markets will experience the highest housing activity as millennials move from big cities in search of more affordable markets. [NAHB Now]
Homebuyers can purchase online from one Idaho builder. In fitting with other trends like buying cars directly from a website, CBH Homes is now selling their new homes online. "It is no different than the ability to buy a car online, just like Carvana or Vroom," Ronda Conger, vice president of CBH Homes, said. The company is also using tech to let buyers tour their homes online with their feature Tour Now. [Builder]
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A third of homebuyers lose sleep during the process. A new survey from real estate startup Flyhomes found that purchasing a home drives 15 percent of buyers to tears during the process. It also found 20 percent of people fought with their partner or spouse due to the stress, while almost a quarter expressed some regrets about their purchase. More than half of those regrets were related to unexpected repairs and maintenance. [HousingWire]
Sustainability is among top trends for bathrooms. Interior designers shared their top bathroom trends with sustainable design, spa-like features, marble and more making the list. Sustainable features include eco-friendly building materials and furniture, while an at-home spa can be accomplished through heated floors, steam showers and heated or cooled vanity drawers. [Forbes]
The most popular home features by state. Realtor.com used keyword home search data in each state to compile a list of regional must-have home features. Overall, they found homebuyers have a desire for expanded space and intergenerational living, privacy features, single-level homes and beautiful views near outdoor elements. [realtor.com]
Homeowners are looking for more storage. A survey from Home Innovation Research Labs, conducted on consumer storage trends since 2017, found that each year about 2.3 million U.S. households purchase closet storage systems. Researchers also found that in 2019 about 108 million linear feet of closet and garage storage were installed in homes. [Builder]