Mike Croxall: Buyers Prefer New Homes In The Suburbs

Thursday, March 23, 2017 - by Mike Croxall, president, Home Builders Association of Greater Chattanooga

A majority of home buyers in the Chattanooga area prefer a new home to an existing one, and 65% want that home to be in the suburbs, according to new research and surveys conducted by the National Association of Home Builders (NAHB).

The 2017 study, “Home Buyer Preferences: Age, Income, and Other Factors,” is based on a survey of recent and prospective home buyers, providing insights into what buyers are looking for and the trade-offs they are willing to make. 

The survey showed that preference for home size increases as income increases, with buyers in the $150,000-plus income bracket preferring homes just under 2,500 square feet.

Yet, no matter what the income, buyers overwhelmingly prefer having more features and amenities to simply having a larger home. More than two-thirds of buyers are willing to trade size for high-quality products and features.

In fact, in 2015, the typical new home had 2,689 square feet. In 2016, it dropped to 2,634, U.S. Census data show. That’s the first drop in size since 2009 and a sign that the home building industry is preparing for the coming wave of first-time buyers as millennials begin to dip their toes into the market. NAHB expects the size of homes to continue to decline as demand increases from first-time buyers.

Among the specific amenities that home buyers want, a separate laundry room tops the list of must-haves across all income groups. Energy-efficient features like low-E windows, Energy Star-rated appliances, ceiling fans and programmable thermostats are also at the top of buyers’ wish lists. Home buyers also want their homes to include a patio, exterior lighting and a full bath on the main level.

NAHB’s study complements new research from Better Homes & Gardens (BHG) that targets a subset of these home owners: “first millennials” between the ages of 22-39 who have purchased their first home. These buyers generally purchase older housing stock in need of fixing up. It’s not surprising that most of this subset wants to learn about home improvement and they aren’t afraid of taking on some DIY projects.

This group is already thinking ahead about building equity to enable them to purchase their next home. When that happens, they aren’t looking for oversized master suites or over-the-top finishes. They want mud rooms, separate laundry rooms and plenty of gathering space.

To learn more about how you can start building your dream home, visit the Home Builders Association of Greater Chattanooga at www.HBAGC.net. 



Becky Smith Joins RE/MAX Properties As New Affiliate Broker

Becky Smith has joined RE/MAX Properties as the newest member of its sales team. Becky has been in the real estate business since 2015.  She has been a RE/MAX affiliate broker since starting in real estate.  She lives in Red Bank and loves downtown Chattanooga and all the local events around town. Before entering the industry, she managed an urgent care facility ... (click for more)

June 2018 Home Sales Increasing In Chattanooga

Housing markets across the nation are most assuredly active this summer, and buyer competition is manifesting itself into several quick sales above asking price. While the strength of the U.S. economy has helped purchase offers pile up, the Fed recently increased the federal funds rate by 0.25 percent, marking the second rate hike this year and seventh since late 2015. Although ... (click for more)

Chancellor Fleenor Sets Aug. 6 Hearing In Democratic Suit To Keep Robin Smith Off The Ballot; Ms. Smith Was Former Campaign Advisor To Judge

Hamilton County Chancellor Pam McNutt Fleenor has set a hearing for Aug. 6 at 1:30 p.m. on a lawsuit brought by the Tennessee Democratic Party seeking to keep former state GOP Chairman Robin Smith off the ballot. Ms. Smith was a campaign advisor for Ms. McNutt Fleenor when she ran for judge in 2014. Her Rivers Edge Alliance was paid $13,546.86 by the McNutt Fleenor campaign, ... (click for more)

Police Say One Gang Member Shot Another After Both Just Left Gang Meeting At Mayor's Office

Police said one gang member shot another after both had just left a meeting at the mayor's office aimed at quelling gang violence. Kevin Dewayne Bush was arrested for shooting Keyshawn Kidd on May 29. Bush, 20, of 17th Street, is charged with attempted first-degree murder, reckless endangerment and unlawful possession of a firearm. Police said Kidd was returning to his ... (click for more)

Not My University: Why I’m Not Okay With Mike Pence Coming To Lee University - And Response (2)

As a student of Lee University, who is well-aware of the Lee administration’s more conservative stance in politics, I am upset about Mike Pence visiting the university and being welcomed on our campus. Although I respect that Pence is in a position of authority as our nation’s Vice President, and that he likewise deserves the right to hold his own opinions in regards to the issues ... (click for more)

Employee Who Stole From East Ridge Should Be Prosecuted

Why has the East Ridge employee who was fired for theft not been charged with theft?    City Manager Scott Miller made the statement that the employee had problems and that the stolen items were returned.  What does that have to do with the employee stealing ?   He has had a history of abuse of city resources. Why is he not being prosecuted? ... (click for more)