Sixty percent of both Generation Z (those aged 18 to 28) and millennials (aged 29 to 44) surveyed are focusing on space for hosting events, particularly the traditional turkey dinner, when conducting their home searches. This compares with just 47 percent of Generation X (aged 45 to 60) and 30 percent of baby boomers (aged 60 to 78).
“When it comes to finding the perfect home, many Americans are thinking beyond bedrooms and bathrooms; they’re picturing the turkey, the guests, and the all-important dining table,” the report states.
The report also found that space outranks specialty on the list of “must-haves” for today’s homebuyers, with most opting for roomier gathering areas and functional layouts over extra appliances.
More than 92 percent responded that a large family room and big kitchen were top priorities, while more than 86 percent said a large dining room and guest bathroom were most important. More than 73 percent listed a large outdoor space and a guest bedroom as important.
Choosing between extra bathrooms or bedrooms was about equally divided, with 45 percent saying that they would prefer an extra bathroom and 44 percent opting for a spare bedroom. Gen Z potential buyers opted for the extra bathroom over the bedroom by 48 percent compared with 39 percent.
Households of one to two people preferred two bathrooms, while larger families responded that three bathrooms would be ideal.
The survey questioned 1,000 American adults aged 18 to 65 from Oct. 17 to Oct. 19.
Coldwell Banker Hearthside, a realtor operating in Pennsylvania and New Jersey, noted that selling before the holidays can be beneficial because homes feel more inviting in that season and competition is subdued.
“These buyers are typically more serious and ready to move quickly, which can lead to smoother negotiations and faster closings,” the report states.
Because few people tend to list their homes during the holidays, less competition could bring in more potential buyers. Staging with holiday decor can often make a typical home stand out and give buyers an idea of what their own holiday season would look like in the home.
Although factors such as timing, showings, negotiations, and weather could affect sales, the report indicates that the holiday season is a good time to attract serious buyers.
Florida-based Wagner Realty noted that although cold weather and snow are typically not a concern in the Sunshine State, the holidays are just as hectic there as in other parts of the country.
Still, a decorated home, with holiday lights mixing with green tropical plants, can present an inviting appeal.
“Even though there might be fewer competitors, buyers still know their stuff and want fair prices,” the report states.
The firm stated that owners should consider pricing their homes a little lower than key levels, such as $499,900 instead of $500,000, to attract more buyers in a specific price range.
