More than half of luxury homebuyers would be unlikely to make an offer on a home with an outdated kitchen
SEATTLE–(BUSINESS WIRE)–
(NASDAQ: RDFN) — More than four in five (86%) luxury homebuyers rank double vanities as must-haves when searching for a home, making them the most asked-for kitchen and bathroom features among high-end buyers this year. Next come kitchen islands and granite or quartz countertops, with 85% of luxury buyers asking their agents for each of them, followed closely by walk-in pantries (83%).
This is according to a survey commissioned by Redfin, the technology-powered real estate brokerage. Roughly 300 Redfin Premier agents responded to the survey, which Qualtrics conducted in April-May 2024. The relevant question was: “How common is it for luxury buyers to ask for each of the following bathroom/kitchen amenities?” For the purpose of this release, Redfin included responses that deemed each feature “very common.”
How common is it for luxury buyers to ask for each of
the following kitchen/bathroom amenities?
Share of agents who said “very common”
Bidet
4%
Jacuzzi tub
6%
Mini fridge
7%
Steam shower
8%
Pot filler
11%
Coffee station
12%
Prep kitchen
13%
Integrated sound system
14%
Heated floors
17%
Butler’s pantry
18%
Farmhouse sink
20%
Wine fridge
22%
Energy-efficient appliances
31%
Showers with multiple heads
35%
Free standing tub
38%
Smart-home technology
42%
Smart-home technology
44%
A separate toilet room
47%
Custom cabinets
53%
High-end appliances
77%
Walk-in pantry
83%
Kitchen Island
85%
Granite or quartz countertops
85%
Double sinks/double vanity
86%
“Luxury buyers are looking to fall in love with their future home, and they often make emotional decisions because they have the financial means to do so,” said Andrew Rottner, a Redfin Premier Agent in Denver. “What luxury buyers want are all the features of a custom built home in an established and enviable neighborhood. A home where, before even touring, the buyer can envision the cooking they’d do in the kitchen or the entertaining they’d do in the indoor/outdoor living space.”
Open floor plans are the most desirable overall home trend
Zooming out to the entire house, 83% of agents said open-concept floor plans are desirable to luxury buyers, making it the most desirable home trend among this spring’s buyers.
Granite countertops were the only other trend the majority of agents ranked as “very desirable.” Several trends that used to be popular, such as sliding barn doors and shiplap, seem to have gone by the wayside; just 8% of agents ranked each of those features as “very desirable” for buyers.
The relevant question was: “How desirable are each of these home trends for buyers?”
How desirable are each of these home trends for buyers?
Share of agents who said “very desirable”
Linoleum floors
1%
Tile countertops
2%
Wallpaper
4%
Dog wash station
5%
Bright-colored accent walls
6%
Sliding barn doors
8%
Shiplap
8%
Wet bar or beverage center
22%
Granite countertops
51%
Open concept floor plans
83%
Outdated kitchens are the biggest turnoff for luxury buyers
More than half (54%) of homebuyers would be unlikely to make an offer on a luxury home if it had an outdated kitchen. That makes an outdated kitchen the biggest turnoff for buyers, followed by lack of curb appeal (48%), outdated bathrooms (44%), and popcorn ceilings (40%).
This comes at a time when monthly housing payments are near their highest level on record, making it tough for some buyers to come up with cash for renovations.
In the survey, agents were asked how common it is that a buyer would ultimately decide to not make an offer on a home after encountering specific home features on a home they tour, helping home sellers understand the most important updates to make before selling.
How common is it that a buyer decides not to make an offer
after encountering the following features in a home they tour?
Share of agents who said “very common”
Poorly placed laundry room
18%
Old appliances
31%
Overly textured walls
31%
Obscure paint colors
33%
Outdated carpet
38%
Popcorn ceiling
40%
Outdated bathroom
44%
Lack of curb appeal
48%
Outdated kitchen
54%
Landscaping is the most sought-after outdoor feature
Nearly seven in 10 (69%) luxury homebuyers say landscaping is a must-have feature, followed by indoor/outdoor living space (58%). Still, buyers are less likely to rank outdoor features as must-haves than kitchen or bathroom amenities.
Over half of homebuyers say that climate friendly and energy efficient features, such as solar powered lights, solar panels, and drought-resistant landscaping, are not on the priority list when it comes to their backyard.
How common is it for luxury buyers to ask their agent to find a
home with these outdoor features?
Share of agents who said “very common”
Pizza oven
2%
Solar powered lighting
5%
Solar panels
11%
Drought-resistant landscaping
12%
Shed
17%
Drip irrigation
19%
Hot tub
20%
Fire pit
21%
Outdoor kitchen
33%
Pool
33%
Covered patio
46%
Indoor/outdoor living space
58%
Landscaping
69%
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We run the country’s #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix it up to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we’ve saved customers more than $1.6 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 4,000 people.
Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin’s press release distribution list, email [email protected]. To view Redfin’s press center, click here.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240618460770/en/
Redfin Journalist Services:
Ally Braun, 206-588-6863
[email protected]
Source: Redfin
Released June 18, 2024
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : RedFin – https://investors.redfin.com/news-events/press-releases/detail/1122/what-luxury-homebuyers-want-double-vanities-kitchen
