What Home Buyers want in 2013

So  what is today’s buyer looking for?  A study recently released by the National Association of Home Builders reports that first and foremost, buyers want energy efficiency.  Four of the top most wanted features involve saving energy.  A whopping 94% of buyers want energy-star rated appliances, 91 % want an energy-star rating for the whole home and  89% want energy-star rated windows.

 

 

 

The study also revealed that what buyers are looking for this year is organization.  Over 93% of buyers put a laundry room near the top of their most desired features and in fact, 57% said they wouldn't even consider buying a home without one.  Moreover, 9 out of 10 buyers want a linen closet in the bathroom to help keep organized.  Space in the garage for storage also ranks high on their wish list.  A walk-in pantry is something that 85% of buyers have on their wish list for 2013. 

The survey also revealed what buyers this year are NOT looking for.  More than half of the buyers surveyed said that they would turn down a home if the master bathroom only included a stand-up shower and no bathtub.  Interestingly, four of the next five most unwanted features are not about the home itself, but the surrounding community.  For example, 66% of buyers stated they did not want to live in a golf course community, 56% rejected the idea of living in a high density community, and 48% said no to a gated community.   Surprisingly the study revealed that many buyers now consider previously desired features such as high ceilings in family room and entry ways as a turn off.  Many of them now consider these large open spaces as energy inefficient, the last thing they want for their new home. 

So how can you help your home buyers if they find a home that isn't quite so energy-efficient?  The answer is one of the most underutilized government programs available, the FHA Energy Efficient Mortgage!  Did you know that your buyers can borrow up to $8,000 ABOVE the purchase price of the home to spend on making it more energy efficient?  That’s right; borrowers may use the Energy Efficient Mortgage Program to finance the cost of energy improvements into their new mortgages without the need to qualify for additional financing.  This is because cost effective energy improvements result in lower utility bills making more funds available for their mortgage payments!  And how it all works it quite simple.  A Home Energy consultant will complete a measurement of the home or perspective property’s energy efficiency and provide you a report listing the recommended cost efficient energy improvements and an estimated cost vs. saving for you and your lender.  You may finance the cost of the energy inspection report as part of the mortgage.  The amount of the improvements are placed into an escrow account and released after an inspection verifies that the improvements are installed.  You can begin making energy improvements as soon as the loan closes and have up to 90 days to complete the work. 

Call our office today at 800-898-9688 for more information on how using the Energy Efficient Mortgage program can help you close more deals in 2013!