Summer Webinar Series:

2013 Home Feature Survey

Jessica Lautz July 23, 2013

Methodology
Purchased any type of residence real estate during 2010 to 2012 Based on representative online panel of U.S. households 2,005 households responded

Characteristics of Homes Purchased

Characteristics of Home Purchased by All Buyers

Characteristic Size of Home Number of Levels: One Two Number of Bedrooms: Three Four Garage Previously Owned 47% 26 78% 75% 51% 41 All buyers 1,860

Characteristics Important to First-Time Buyers and Repeat Buyers

Characteristic Size of Home Year Home was Built Number of Levels: One Two Number of Full Bathrooms: 47% 45 54% 38 First-Time Buyers 1,745 1990 Repeat Buyers 2,000 1998

One Two
Three Garage

29% 57
14 75%

15% 61
24 80%

Characteristics by Region
Characteristic Basement: Northeast Midwest South West

Finished
Partially Finished Unfinished Previously Owned

33%
16 28 75%

29%
22 24 81%

12%
5 4 70%

11%
5 4 78%

Important Home Features

Asked about 31 Home Features

STRUCTURAL FEATURES 9-foot (or greater)/cathedral ceilings Bay windows Extra-wide doorways Fully or partially finished basement Handicap accessible (ramp, no steps, etc.) One or more fireplaces Skylights Usable/easily accessible attic Single level home Home less than 5 years old Home more than 100 years old INTERIOR DESIGN FEATURES Eat-in kitchen Kitchen island New kitchen appliances Stainless steel appliances Hardwood floors Granite countertops Walk-in closet in master bedroom En-suite master bath

SYSTEMS Air filtration system Cable/Satellite TV-ready/Internet Central air conditioning Monitored security system Water treatment/filtration system

NEIGHBORHOOD FEATURES Open area/few trees Wooded area/many trees Water view Waterfront property On or near golf course Corner lot Cul-de-sac Lot

13 Rooms Within A Home

ROOMS Family room/rec room/media room Living room Dining room Den/study/home office/library Bedroom on main level Sun room Utility/mud room Exercise room In-law suite Laundry room Basement Attic Garage

Top Features by New Homes and Previously Owned Homes

Feature Central Air Conditioning New Homes 75% Previously Owned Homes 61%

Cable/Satellite TVReady/Internet
Granite Countertops Kitchen Island Hardwood Floors Stainless Steel Appliances

57
40 38 37 36

31
14 13 19 11

Top Features by Region

Feature Northeast Midwest South West

Central Air Conditioning

Walk-In Closet New Kitchen Appliances

48%
33 32

66%
28 22

79%
49 36

52%
36 25

Ensuite Master Bath

Basement Home less than 5 years old

29
27 13

25
28 13

42
11 21

32
8 12

Top Features By Adult Composition of Household

Feature Walk-in Closet in Master Bedroom Ensuite Master Bath Eat-In Kitchen Cathedral Ceilings Single Male 38% 25 22 21 Single Female 29% 25 21 8 Married Couple 42% 37 26 14 Unmarried Couple 35% 29 19 10 Other 24% 21 20 8

Kitchen Island Single Level Home Handicap Accessible

19 18 10

8 31 9

21 24 4

17 16 6

11 33 12

Top Features by Children or no Children in Home

Feature Walk-In Closet in Master Bedroom
Eat-In Kitchen Hardwood Floors Kitchen Island Fully/Partially Finished Basement Stainless Steel Appliances Single Level Home

Children 41%
30 27 24 23 22 15

No Children 37%
19 21 15 11 14 32

Buyers Willing to Pay More for Desired Features

Percent Willing to Pay More for Desired Features

Feature Central Air Conditioning Percent Willing to Pay More 69%

New Kitchen Appliances 69 Walk-In Closet in Master 60 Bedroom Granite Countertops Hardwood Floors 55 54

Median Amount Home Buyers Willing to Pay for Desired Feature

Feature Waterfront Property Home Less Than 5 Years Old Home More Than 100 Years Old On or Near Golf Course Median Amount $5,420 $5,020 $4,140 $3,710

Central Air Conditioning

$2,520

Home Buyers Willing to Pay More for Desired Rooms

Room Type Laundry Room Den/Study/Home Office/Library Family Room/Rec Room/Media Room Dining Room Living Room Percent Willing to Pay More 63% 44 43 39 34

Median Amount Willing to Pay for Desired Rooms

Room Basement In-Law Suite Bedroom on Main Level Family Room/Rec Room/Media Room Sun Room Median Amount Willing to Pay for Feature $3,200 $2,920 $2,560 $2,520 $2,120

Home Buyers Preferred Home with Purchased Home

Home Buyers Preferred Home is: More Storage More/Larger Closets Larger Kitchen All First-Time Buyers Buyers Repeat Buyers Buyers of New Homes 52% 49 39 Buyers of Previously owned homes 56% 54 46

55% 52 44

61% 61 54

50% 46 37

Satisfaction with Home Purchase

Rooms Worked on Within 3 Months of Purchase

Room type All First-Time Repeat Buyers Buyers Buyers Buyers of New Homes 28%
29 26 21 19

Buyers of Previously Owned Homes 50%

48 40 33 18

Kitchen
Bathroom Bedroom Living Room Family Room

47%
44 38 31 18

49%
45 41 32 19

45%
44 36 30 17

Features Worked on Within 3 Months of Home Purchase

Feature All Buyers FirstTime Buyers 42% 39 35 33 15 Repeat Buyers of Buyers New homes 39% 35 34 31 13 30% 22 34 16 12 Buyers of previously Owned Homes 43% 40 34 35 15

Lighting Appliances Landscaping Floor Coverings Fencing

41% 37 34 32 14

Next up on the Summer Webinar Series

July 30th: 2013 Commercial Member Profile, and 2013 Member Profile August 6th: 2013 Investment and Vacation Home Buyer Survey

Where to find NAR Research

Jessica Lautz: jlautz@realtors.org, 202-383-1155 NAR Research www.realtor.org/research-and-statistics Economists Outlook Blog: economistsoutlook.blogs.realtor.org FaceBook: facebook.com/narresearchgroup Twitter: twitter.com/NAR_Research