Location no longer top factor to home buyers

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More is better when it comes to buying a home, according to a new survey of home buyers co-sponsored by the National Association of Home Builders and the National Association of Realtors. |ret||ret||tab|

According to a press release from the NAR and the NAHB, the homebuyers surveyed indicated that price and home size were far more important considerations than proximity to work, the city or schools. |ret||ret||tab|

Given three statements to choose from, for example, 62 percent indicated that "the top concern was price," while 31 percent indicated that "finding a home in the right neighborhood was the top priority." |ret||ret||tab|

Seven percent of respondents said that "being close to work and minimizing the commute was really important."|ret||ret||tab|

When asked to agree with various statements about their homes, 64 percent agreed with the statement, "I wish my home were larger." |ret||ret||tab|

This was followed by "I wish I could walk to more places from my home," 27 percent; "I wish my home were closer to where I work," 23 percent; " I wish my home were closer to shopping and restaurants," 17 percent; "I wish my home were closer to public transportation," 9 percent; and "I wish I were closer to the city," 5 percent.|ret||ret||tab|

"This survey demonstrates that home buyers are quite conscious of the tradeoffs they make when buying a home," said Gary Garczynski, president of the NAHB and a builder/developer from Woodbridge, Va. "They are willing to live further from the city in order to have a larger home, and the quality of the community is more important then the length of the commute. A better understanding of these tradeoffs enables us to develop planning and growth policies that take into account home buyers' preferences."|ret||ret||tab|

"Price, home size, and neighborhood quality are the most important factors affecting buyers' decision making. The marketplace will continue to determine the shape of America's communities. As the 2002 home buying season opens, this study provides valuable findings that can guide policymakers to arrive at solutions to the challenges of growth solutions that reflect consumer choices," said NAR treasurer Pat Kaplan, a Realtor from Portland, Ore.|ret||ret||tab|

The survey was done to provide a better understanding of the factors that drive homebuyers' decisions in the marketplace. |ret||ret||tab|

The national sample of 2,000 households was derived from a panel maintained by the polling firm National Family Opinion of households that have purchased a primary residence within the past four years. NFO conducted the survey in January 2002.|ret||ret||tab|

Other findings of the survey were:|ret||ret||tab|

When asked to rate the importance of 16 aspects of a home and its location, "houses spread out" received the highest rating, with 62 percent of respondents checking important or very important. This was followed by less traffic in neighborhood, 60 percent; lower property taxes, 55 percent; bigger home, 47 percent; bigger lot, 45 percent; less developed area, 40 percent; away from the city, 39 percent; closer to work, 28 percent; closer to public transportation, 13 percent; smaller house, 10 percent; and smaller lot, 9 percent.|ret||ret||tab|

When asked about the importance of 18 community amenities, the highest ranking features were (with percent ranking as important or very important): highway access, 44 percent; jogging/ bike trails, 36 percent; sidewalks, 28 percent; parks, 26 percent; playgrounds, 21 percent; and shops within walking area, 19 percent.|ret||ret||tab|

Asked to rank three alternatives for where new growth should occur, 37 percent selected "build new homes in existing, partially developed suburban areas" as their first choice and 51 percent as their second choice. |ret||ret||tab|

"Build new homes on vacant land in the central city or inner suburbs" was the preferred choice of 35 percent and the second choice of 23 percent. |ret||ret||tab|

"Build homes in outlying areas," was the first choice of 29 percent and second choice of 26 percent.|ret||ret||tab|

Asked which single factor they would change in their home or community, "taxes would be lower" led with 35 percent, followed by "I'd live in a bigger home," 26 percent; "I'd own a larger lot," 17 percent; "my home would be closer to where I work," 8 percent; "schools would be better," 5 percent; and "other," 9 percent.|ret||ret||tab|

"The survey responses suggest a vision of smart growth that home buyers are prepared to embrace," Garczynski said. "A majority of consumers want single-family detached homes in a pedestrian-friendly community that has shopping within walking distance. They want a mix of open space, including parks, recreational facilities, playgrounds, farms, nature preserves and undeveloped areas. They also want traffic minimized on neighborhood streets. To the extent that we builders, developers, planners, elected officials can create high quality, walkable, mixed-use communities, we will deliver a version of smart growth that is more likely to be accepted in the marketplace."|ret||ret||tab|

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