This month, let's take a look at what buyers are looking for
when shopping for a home today.  As it is harder to sell a
home in today's climate, this information could be very helpful.

The National Association of Realtor's 2007 Profile of Buyer's
Home Feature Preferences is out. It's findings are very telling.

Most important, according to the survey from 2,530 respondents
who purchased homes from fall 2006 to spring 2007, showed
the number one thing people in the midwest were looking for
was central air conditioning. Seventy four percent of respondents
thought this feature was "very important".  In our northern
Michigan climate, this may not be as important, but none the
less, it may help sell your home if the others do not have this
feature. My appraisal experience shows this feature is not as
common here as it is in southern areas of the state. The survey
showed that buyers were willing to pay an average of $1880
extra for this feature.

A garage with space for two or more cars was second most
called for.  This was the item with the biggest change over
the three years since this survey was last done. It ranked
much higher with current buyers than it did previously - up
from six percent in 2004 to fifty six percent in 2007.

Other items, according to the survey, which were important
included walk in closets in the master bedroom, a nice back yard
or play area, cable or satellite TV readiness as well as high speed
internet access. Walk in closets were particularly important to
older buyers. Back yards and play areas particularly important
to younger buyers.

Also, buyers highly ranked hardwood floors and granite counters.

Single family detached homes still rank overwhelmingly highest in
purchaser preference. This is particularly interesting as many new
developments throughout metro areas of the country are showing
a vast increase in the amount of paired homes, townhomes, and
mixed use development condos. In many areas there is a one to
two year supply already constructed with more being built. This would
contradict the buyer preference survey and may explain the vast
inventory available.

Buyers in the survey showed the most sought after location as
suburban/subdivision at 53%, small town 20%, urban/ central
city at 15%, rural at 10% and resort / recreation at 1%.

Neighborhood quality was the most important factor for buyers in
selecting a location.

This is good information to have for anyone owning a home, but also
this data should be considered when purchasing a home. Keeping these
points in mind when shopping for a home, will keep your home more
"liquid" in the market, thereby making it easier to sell when it's time to
move on.