Home affordability is a greater challenge now, and homebuyers’ specific wants and needs are more restrained. These are the features they’re looking for.
Back in 2016, subway tile was hot. These days, it’s a garage.
A Zillow analysis of homes sold in those halcyon days of historically low mortgage rates seven years ago found that listings with keywords like “subway tile,” “barn doors” and “farmhouse sink” sold faster and for more money. They were hot home features.
But back in 2016, mortgage rates averaged 3.65%, and today, with few homes available and higher mortgage rates making affordability a far greater challenge, homebuyers’ specific wants and needs are more restrained.
They’re not searching for subway tile anymore.
A new analysis of property listing descriptions found that home shoppers are more interested in space and a place to park their car.
International real estate search portal Point2 Homes examined 52 million words found in descriptions of over 730,000 properties listed on their site nationwide in 2022. By analyzing the most widely used words, the study revealed which terms U.S. real estate agents mentioned the most when describing properties across major geographical regions and various price segments, thereby unveiling the terminology used to attract certain types of home-seekers.
The No. 1 word for both house and condominium shoppers was “garage.”
Spaciousness also defined 2022’s home descriptions: Keywords addressing the need for more “room,” “space,” and an “open floor plan” were the most widely used to attract homebuyers, the analysis found.
There are still some five million buyers out there: By the end of 2022, Zillow expects 5.1 million existing homes to be sold–a 16% decrease compared to 2021. Not surprisingly, those high mortgage rates and major affordability challenges are predicted to drive weaker sales in 2023, according to Zillow (ZG) – Get Free Report.
The share of first-time home buyers has dropped to a record low, according to a November report by the National Association of Realtors, which found that 26% of buyers were first-time buyers, down from 34% in 2021. As for what they’re looking for, 37% cited overall affordability; about half of buyers cited quality of the neighborhood, and 41% of recent buyers who purchased new homes were looking to avoid renovations and problems with plumbing or electricity. About 14% of home buyers purchased a multigenerational home.
Here is the ranking of the most popular keywords for home features and amenities from property descriptions across the country from Point2 Homes. The ranking is based on the keywords used the most for both houses and condos.
1. Garage
House searches: garageCondo searches: parking
Having a garage is of utmost importance for all home shoppers, making it the No. 1 most mentioned amenity in listing descriptions across the U.S. For condo-only searches, the more general “parking” was at the top.
2. Patio/porch
House searches: patio/porchCondo searches: storage
3. Yard
House searches: yardCondo searches: pool
4. Storage
House searches: fireplaceCondo searches: garage
5. Fireplace
House searches: storageCondo searches: within walking distance
6. Walk-in closet
House searches: walk-in closetCondo searches: patio/porch
7. Full bath
House searches: full bathCondo searches: great location
A full bath one with a sink, toilet tub and shower.
8. Open floor plan
House searches: open floor planCondo searches: walk-in closet
9. Pool
House searches: poolCondo searches: full bath
10. Stainless-steel appliances
House searches: basementCondo searches: stainless-steel appliances
11. Basement
House searches: stainless-steel appliancesCondo searches: open floor plan
12. Granite countertops
House searches: granite countertopsCondo searches: washer-dryer
13. Hardwood floors
House searches: hardwood floorsCondo searches: hardwood floors
14. Great location
House searches: laundry roomCondo searches: shopping/restaurants
15. Laundry room
House searches: great locationCondo searches: granite countertops
16. Hot tub
House searches: hot tubCondo searches: fireplace
17. Within walking distance
House searches: within walking distanceCondo searches: fitness center
18. Parking
House searches: entertainment roomCondo searches: first floor
19. Shopping/restaurants
House searches: shopping/restaurantsCondo searches: laundry room
20. Entertainment room
House searches: flex/bonus roomCondo searches: hot tub
21. Flex/bonus room
House searches: parkingCondo searches: natural light
22. Spacious living room
House searches: spacious living roomCondo searches: easy access
23. Natural light
House searches: spacious bedroomsCondo searches: spacious bedrooms
24. Spacious bedrooms
House searches: double vanityCondo searches: tennis court
25. Central air
House searches: natural lightCondo searches: well-maintained
26. Double vanity
House searches: central airCondo searches: central air
27. Vaulted ceilings
House searches: vaulted ceilingsCondo searches: second floor
28. Vinyl
House searches: formal dining roomCondo searches: fresh paint
Vinyl flooring, which comes as sheet vinyl, vinyl tile, and luxury vinyl flooring, is durable, economical, attractive, waterproof and can look realistic, according to The Spruce.
29. Chef’s kitchen
House searches: vinylCondo searches: entertainment room
A chef’s kitchen usually offers enough space for multiple people to cook and prepare, a sub-zero refrigerator and freezer, a high Btu gas range, and multiple ovens and sinks, according to Realtor.com.
30. Washer-dryer
House searches: chef’s kitchenCondo searches: tile floors
You can see the 100 most-used terms in home descriptions as well as their breakdowns by region and price bracket at Point2Homes.com.
