A dynamic shift in the expectations of home buyers is underway. As the economy re-aligns itself once again, buyers are moving to a more conservative position while ratcheting up a demand for quality. Size matters less while quality matters more.
When buyers consider quality in a home purchase, aside from the construction itself, two factors that are very important to the perception of quality are amenities and location. Amenities include both the whistles and bells featured in a home and the facilities available within the community for recreation and convenience. Location includes, not only where the community is located, but also where the home is located within the community and the quality and features of the individual lot.
A short while ago, the trend in home building was to build larger homes with an ever-increasing menu of amenities or options. Popular now is more austerity, but with a twist. Today's home buyer, while less likely to be interested in a Mc Mansion, is not ready to give up on some of the enticing amenities that were around during the boom cycle. In fact, new waves of gadgets to improve the home are steadily rolling out to meet the demands of convenience hungry home owners. Today we are experiencing a quiet flight to quality of living and away from quantity of living space.
Recent surveys suggest a downtrend in square footage demands. Buyers are seeking homes which feature many of the same amenities that were available to them before the economy turned sour; yet, they are willing to accept those amenities in smaller homes. Among these amenities are granite countertops, luxurious bathrooms, walk-in closets , large quality kitchens, and more outdoor living space.
The trend in downsizing is running in conjunction with a higher level of attention being paid to the location of properties. Yes, location has always been important. Now the emphasis on location is increasing. Smaller homes are fine but buyers want those homes to be located in nice subdivisions on quality lots. They also want subdivisions to include vast, feature rich community amenities.
These trends support the notion that home buyers are seeking more stability and security and want to be able to enjoy comfortable living without the stress of excessive financial demands. It also suggests that buyers expect to stay closer to home for more and more of their recreational and social needs.
First rate and abundant amenities tend to draw people together with common interests and give owners the chance to enjoy recreation and exercise close to home. More than never, amenities not only affect home values in an area, but they also impact daily living and enjoyment of a community. Some basic neighborhood amenities include:
Boat ramps, dock facilities, marina, clubhouse, golf course, tennis courts, equestrian center, gated entry, neighborhood pool, play parks, sports fields, walking and jogging trails.
As you ponder what you want in your next home and community, give some serious thought to amenities and location. Think about your lifestyle. Think about what you like to do and what your family members like to do for enjoyment. Even give some thought to your out of town guests' preferences.
In many ways, economic pressures have helped buyers better focus on what is important. Purchasing a home is far more than making an investment in an appreciating asset. Making a decision about a home is making a decision about lifestyle and quality of living. It is about deciding, not only how much you want to spend, but also how you want to live. By giving significant attention to location and amenities, even with homes size trending downward, more and more buyers are discovering that they can get what they want, where they want it, and at the price that will not make them loose sleep at night.
