In a market where current inventory is low, it’s normal to think buyers might be willing to give up a few desirable features in their home search in order to make finding a house a little easier. Don’t be fooled, though – there’s still an interest in the market for some key upgrades. Here’s a look at the two surprising things buyers seem to be searching for in today’s market, and how they’re impacting new home builds.
Homebuyers Are Not Giving Up Their Garages
The National Association of Home Builders (NAHB) recently released an article showing the percentage of new single-family homes completed in 2020. The data reveals:
67% of new homes offer a 2-car garage
18% have a garage large enough to hold 3 or more cars
6% have a 1-car garage
7% do not include a garage or carport
1% have a carport
The following map represents this breakdown by region:
Evidently, a garage is something homebuyers are looking for in their searches, but that’s not all.
Homebuyers Are Not Giving Up Their Patios
Patios are on the radar for buyers as well. Community areas are often common amenities in new neighborhoods, but as it turns out, private outdoor spaces are quite desirable too. NAHB also found that,
““For the first time since the Census Bureau’s 2005 survey redesign, the share of new homes with patios broke above 60% in 2020. More specifically, of the roughly 990,000 single-family homes started in 2020, 61.4% came with patios.”
As shown in the graph below, the number of new homes built with patios has been increasing for the past 10 years. Clearly, they’re a desirable feature for new homeowners too.
Homebuyers are looking for garage space and outdoor patio living. If you’re a homeowner thinking of selling a house with these amenities, it appears buyers are willing to spring for those key features. Let’s get together today to determine the current value and demand for your home.