When first-time home buyers begin looking for new digs, they often have one guideline firmly in mind: think small.
“First-time home buyers, because they have not been through the home buying process before, have less confidence that they are making the right decision even in spite of low interest rates and affordable prices,” says Stephen Melman, NAHB’s
director of economic services. “While first-time buyers are often looking for the same things as repeat buyers,” he said, “they are more likely to compromise on space and upgrades.”
A survey by the National Association of Realtors shows that 51% of first-time buyers said that finding the right property was the hardest part of the buying experience. A 2011 NAHB study about what homes will look like in 2015 showed that builders anticipate building smaller homes with more “green” features, both of which match with first-time buyer preferences.
“The top things that buyers want are a great room instead of a formal living room, a walk-in closet in the master bedroom and a laundry room,” says Melman. “First-time buyers want the same thing, but they are more likely to be satisfied with a small laundry room without an attached mudroom and with a smaller master bedroom and a smaller walk-in closet. They are
less likely to want a formal dining room and would rather have a dining area that uses less space.”
Here at Epic Development, Rick and I continue to see similar trends in most price points. Rick works with our architect to design new homes, located primarily inside I-285, with more open floor plans, scaled down master suites, and more attention to
energy efficiency. In our Modern Prairie homes being built for the Atlanta new home market, we pay close attention to window placement and sun orientation in addition to green factors such as insulation and high efficiency heating and cooling. The market has been very receptive and we have pre-sold our last four Modern Prairie homes prior to starting the vertical construction.
For more information about home ownership or real estate investment in Atlanta call Jim at Epic Development at 404-847-9080 or email Jim@EpicDevelopment.com. See all of our current listing here.