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SOURCE PulteGroup, Inc.
Homebuyers Willing to Make Compromises for Must-Have Features
ATLANTA, July 8, 2014 /PRNewswire/ -- Today's homebuyers are seeking surprising key features, and they are willing to make sacrifices to get them, according to the latest PulteGroup Home Index Survey (PGHI) by PulteGroup, Inc. (NYSE: PHM), one of the nation's largest homebuilders.
The kitchen was the most important area when choosing a new home, according to 29 percent of Americans. Following closely behind the kitchen wasn't the bathroom as most would suspect – but another priority – the bedroom. The master bedroom ranked as the second most important room in a new home at 22 percent. And the living room surprisingly was cited as the third most influential in their decision-making at 18 percent.
"As consumer confidence improves and the appetite for homebuying increases, consumers today aren't just looking for the biggest house on the block. They're looking for more efficient use of space and a greater area allocated to 'workhorse' spaces, like the kitchen," said Ryan Marshall, executive vice president of homebuilding operations, marketing and sales for PulteGroup, Inc. "Homebuyers want unique features and amenities and will do what it takes to find the home they truly want, even if they have to pay more for a move-in ready home."
According to the 2014 PGHI, nearly half of adults (44 percent) are willing to give up a location near public transportation in exchange for must-have features in their next home. Further, more than one-third of respondents (35 percent) said they would give up better schools and proximity to entertainment and shopping (34 percent) for their desired in-home amenities.
INFLUENTIAL HOME FEATURES
More than half (51 percent) of adults surveyed indicated that they want their next home to be larger than their current residence and 64 percent preferred their next home be move-in ready. Consistent with the desire for more space, critical features homebuyers are seeking include:
"His-and-her closets" ranked highest among master bedroom features (31 percent), followed by spa-like master bathrooms (23 percent)
A large eat-in area was the most preferred feature in the kitchen (23 percent), followed by a kitchen island (22 percent)
At least one bathtub in the home was the most sought after bathroom feature, desired by more than half of respondents (54 percent)
"In addition to the more common home options, we're starting to see regional trends emerging among homebuyer preferences," said Marshall. "From outdoor kitchens in Florida, to spice kitchens in California, shoppers are increasingly discerning when it comes to home features that could be the deciding factor in their next move."
Regional trends identified by PulteGroup include folding, accordion-style glass doors in the Southwest, multi-generation floor plans and screened-in porches in the Southeast, balconies off the kitchen and rooftop terraces in the Northeast, and "Jack n' Jill" bedrooms and coffee bars in the Midwest.
About the PulteGroup Home Index (PGHI) Survey
The PulteGroup Home Index (PGHI) survey polled 1,004 U.S. adults ages 25 - 65 to better understand their sentiment about the U.S. economy and how current housing conditions are impacting future homebuyers. The survey was conducted online by Russell Research from February 18 - 25, 2014. Findings for the total sample are projectable to the universe of online adults. At a 95 percent confidence level, a margin of sample error of +/- 6.5 percent applies to the sample.
About PulteGroup, Inc.
PulteGroup, Inc. (NYSE: PHM), based in Atlanta, Ga., is one of America's largest homebuilding companies with operations in approximately 50 markets throughout the country. Through its brand portfolio that includes Centex, Pulte Homes, Del Webb and DiVosta Homes, the company is one of the industry's most versatile homebuilders able to meet the needs of multiple buyer groups and respond to changing consumer demand. PulteGroup conducts extensive research to provide homebuyers with innovative solutions and consumer inspired homes and communities to make lives better.