Last weekend I was at my goddaughter’s birthday party in Northern New Jersey having a conversation with Sondra, an acquaintance I’ve known for several years. She mentioned her parents had retired and wanted to move to Massachusetts, a state they fell in love with when their son attended boarding school there.
The conversation turned to home sales in the area. As a suburb of New York City, the real estate crash did not affect Bergen County as severely as places like Florida or Nevada. However, many families are still feeling the effects of lower home prices and a weak market. What surprised me about about Sondra’s story was not that her parents had to come down on the price of their $1 million dollar plus colonial, but that people are just not interested in that type of home anymore. “They all want something more modern,” she explained.
I remember when owning a traditional colonial with its original architectural details, or restored to look ‘charming’, provided bragging rights. They were quaint. And if you could afford one the size of Sondra’s parents, they were considered a great home to raise children in. Now, not so much.
So what types of homes are most in demand? The National Association of Home Builders explains that today’s house hunters are looking for smaller homes (and smaller mortgages), energy efficiency, comfort and organization. If you are in the market for a new home, or are considering putting yours on the market, this infographic from improvementcenter.com will help you understand what home buyers today want.
Courtesy of: ImprovementCenter.com