More than half of luxury homebuyers would be
unlikely to make an offer on a home with an outdated kitchen
(NASDAQ: RDFN) — More than four in five (86%) luxury homebuyers
rank double vanities as must-haves when searching for a home,
making them the most asked-for kitchen and bathroom features among
high-end buyers this year. Next come kitchen islands and granite or
quartz countertops, with 85% of luxury buyers asking their agents
for each of them, followed closely by walk-in pantries (83%).
This is according to a survey commissioned by Redfin, the
technology-powered real estate brokerage. Roughly 300 Redfin
Premier agents responded to the survey, which Qualtrics conducted
in April-May 2024. The relevant question was: “How common is it for
luxury buyers to ask for each of the following bathroom/kitchen
amenities?” For the purpose of this release, Redfin included
responses that deemed each feature “very common.”
How common is it for luxury
buyers to ask for each of the following kitchen/bathroom
amenities?
Share of agents who said “very
common”
Bidet
4%
Jacuzzi tub
6%
Mini fridge
7%
Steam shower
8%
Pot filler
11%
Coffee station
12%
Prep kitchen
13%
Integrated sound system
14%
Heated floors
17%
Butler’s pantry
18%
Farmhouse sink
20%
Wine fridge
22%
Energy-efficient appliances
31%
Showers with multiple heads
35%
Free standing tub
38%
Smart-home technology
42%
Smart-home technology
44%
A separate toilet room
47%
Custom cabinets
53%
High-end appliances
77%
Walk-in pantry
83%
Kitchen Island
85%
Granite or quartz countertops
85%
Double sinks/double vanity
86%
“Luxury buyers are looking to fall in love with their future
home, and they often make emotional decisions because they have the
financial means to do so,” said Andrew Rottner, a Redfin Premier
Agent in Denver. “What luxury buyers want are all the features of a
custom built home in an established and enviable neighborhood. A
home where, before even touring, the buyer can envision the cooking
they’d do in the kitchen or the entertaining they’d do in the
indoor/outdoor living space.”
Open floor plans are the most desirable overall home
trend
Zooming out to the entire house, 83% of agents said open-concept
floor plans are desirable to luxury buyers, making it the most
desirable home trend among this spring’s buyers.
Granite countertops were the only other trend the majority of
agents ranked as “very desirable.” Several trends that used to be
popular, such as sliding barn doors and shiplap, seem to have gone
by the wayside; just 8% of agents ranked each of those features as
“very desirable” for buyers.
The relevant question was: “How desirable are each of these home
trends for buyers?”
How desirable are each of these home
trends for buyers?
Share of agents who said “very
desirable”
Linoleum floors
1%
Tile countertops
2%
Wallpaper
4%
Dog wash station
5%
Bright-colored accent walls
6%
Sliding barn doors
8%
Shiplap
8%
Wet bar or beverage center
22%
Granite countertops
51%
Open concept floor plans
83%
Outdated kitchens are the biggest turnoff for luxury
buyers
More than half (54%) of homebuyers would be unlikely to make an
offer on a luxury home if it had an outdated kitchen. That makes an
outdated kitchen the biggest turnoff for buyers, followed by lack
of curb appeal (48%), outdated bathrooms (44%), and popcorn
ceilings (40%).
This comes at a time when monthly housing payments are near
their highest level on record, making it tough for some buyers to
come up with cash for renovations.
In the survey, agents were asked how common it is that a buyer
would ultimately decide to not make an offer on a home after
encountering specific home features on a home they tour, helping
home sellers understand the most important updates to make before
selling.
How common is it that a buyer decides
not to make an offer after encountering the following
features in a home they tour?
Share of agents who said “very
common”
Poorly placed laundry room
18%
Old appliances
31%
Overly textured walls
31%
Obscure paint colors
33%
Outdated carpet
38%
Popcorn ceiling
40%
Outdated bathroom
44%
Lack of curb appeal
48%
Outdated kitchen
54%
Landscaping is the most sought-after outdoor feature
Nearly seven in 10 (69%) luxury homebuyers say landscaping is a
must-have feature, followed by indoor/outdoor living space (58%).
Still, buyers are less likely to rank outdoor features as
must-haves than kitchen or bathroom amenities.
Over half of homebuyers say that climate friendly and energy
efficient features, such as solar powered lights, solar panels, and
drought-resistant landscaping, are not on the priority list when it
comes to their backyard.
How common is it for luxury buyers to
ask their agent to find a home with these outdoor
features?
Share of agents who said “very
common”
Pizza oven
2%
Solar powered lighting
5%
Solar panels
11%
Drought-resistant landscaping
12%
Shed
17%
Drip irrigation
19%
Hot tub
20%
Fire pit
21%
Outdoor kitchen
33%
Pool
33%
Covered patio
46%
Indoor/outdoor living space
58%
Landscaping
69%
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate
company. We help people find a place to live with brokerage,
rentals, lending, title insurance, and renovations services. We run
the country's #1 real estate brokerage site. Our customers can save
thousands in fees while working with a top agent. Our home-buying
customers see homes first with on-demand tours, and our lending and
title services help them close quickly. Customers selling a home
can have our renovations crew fix it up to sell for top dollar. Our
rentals business empowers millions nationwide to find apartments
and houses for rent. Since launching in 2006, we've saved customers
more than $1.6 billion in commissions. We serve more than 100
markets across the U.S. and Canada and employ over 4,000
people.
Redfin’s subsidiaries and affiliated brands include: Bay Equity
Home Loans®, Rent.™, Apartment Guide®, Title Forward® and
WalkScore®.
For more information or to contact a local Redfin real estate
agent, visit www.redfin.com. To learn about housing market trends
and download data, visit the Redfin Data Center. To be added to
Redfin's press release distribution list, email press@redfin.com.
To view Redfin's press center, click here.
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version on businesswire.com: https://www.businesswire.com/news/home/20240618460770/en/
Redfin Journalist Services: Ally Braun, 206-588-6863
press@redfin.com
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