With inventory lower-than-low and prices rising, the market is anything but ordinary this spring. Buyers, nonetheless, are opting for traditional.
The average buyer is on the hunt for a three-bedroom, two-bathroom home, complete with a garage and a kitchen that is updated, realtor.com research reveals. (More than one-quarter, or 27 percent, are all about the garage; 24 percent desire a contemporary kitchen; and 20 percent are looking for an open floor plan.)
There are differences by generation, the research shows. The majority of millennials prefer a Colonial or a contemporary home, while the majority of 55-plus buyers are pursuing a ranch.
Why are buyers in the market? Family needs (17 percent) and rent raises (23 percent) are among the drivers motivating millennials, while 55-plus buyers are being prompted by a desire for comfort, privacy and stability.
“Although record-low inventory and high prices make this housing market unique, some classic features still top most shoppers’ wish lists,” says Danielle Hale, chief economist for realtor.com. “At the same time, we found some clear differences in priorities. For instance, older buyers are concerned with privacy and being able to age comfortably, while millennials place more emphasis on family needs, stability and personal expression.”