| It's a mantra for Realtors. Recent research mostly confirms the truth of this refrain and provides additional valuable insights into the minds of home buyers. In a survey conducted by the National Association of Realtors, 63 percent of buyers said that neighborhood quality is the most important factor in choosing a home.
Proximity to school or job is the second most important factor, cited by 43 percent of those surveyed. For 36 percent of respondents nationally, the third most important consideration is proximity to friends and family.
However, that's not precisely how local buyers are behaving. While location is still important, some Realtors serving the Beaches and the Southside rank their buyers' preferences differently.
"It's all about price," said Kristan Malin, Realtor at Keller Williams. "There are so many choices that if the house doesn't represent a good deal, home shoppers will move right on to the next one."
Malin said her customers know it's a buyers market, and they expect to buy at or below market value. Because the inventory of available homes is so large, "the house better be priced right and it better look great, with no flaws," Malin said.
After Malin's buyers find a good deal, they evaluate location and other factors like those outlined in the survey. The condition of the home and its list of amenities is the third most important factor to her customers.
Watson Realtor Jim Friedner said the most important factor is neighborhood quality, followed by proximity to work, the same as was reported in the NAR's national survey.
"Buyers are more knowledgeable than they were a few years ago, and most prefer that updates be included in the home," Friedner said.
Fixer-uppers often aren't discounted enough to sell promptly, Friedner said.
Price or value was important to Friedner's buyers, too, ranking third on their list of wants. He works hard to point out the value built into the houses he shows. He also advises sellers to price their houses about 5 percent below comparable homes if they want to sell within a reasonable time.
Friedner observed that home prices in Jacksonville reached their high peak in the spring of 2005 and now are selling at more realistic levels or approximately the same prices they would have sold for in 2004.
Despite the softening of the market, both Friedner and Malin are regularly selling homes in the $200,000 to $300,000 range. Both have listings that are much more expensive, but there is relatively little interest in million dollar properties. The days when buyers competed for a home are mostly gone and multiple offers are now very unusual.
Buyers today are coming to the market with high expectations. Realtors say previously owned homes should have the updates and clean appearance of new construction homes.
The NAR survey also found that only one in five buyers bought a new construction home, and that home generally was larger than the previously owned homes considered. Newer homes offered the space and other amenities buyers wanted. Size and neighborhood quality were the two factors on which one-third of buyers would not compromise. A third of all buyers purchased homes between 1,500 and 2,000 square feet.
In a 2004 survey, buyers ranked central air-conditioning as the single most important feature needed in a house. Next in the order of wants was a walk-in closet in the master bedroom, a bedroom on the main level, a patio and a garage.
Friedner said that buyers he has worked with strongly favor main-floor bedrooms.
"Two-story homes with all bedrooms on the upper level sell more slowly than those that have a master bedroom down," he said.
The reality of the marketplace also affects sellers of beachfront and water-view properties, often harshly.
"When we're talking east of A1A, sellers have to adjust their desires to make a killing. That's just not the marwket we're in," Malin said.
Home prices have not appreciated in the past year and owners must realize if they bought just a year ago, they can no longer expect 20 percent appreciation. Malin noted that while homeowners value upgrades and amenities because they add comfort, buyers usually will not pay a premium for them.
Friedner has noticed that a water view is not always desirable. Some buyers think a lake or pond takes away valuable yard space. Others may not like the way the yard drops off toward the lake.
Malin said fences are acceptable since no one wants to look into another's backyard; however, they usually prefer fences located on the far side of a water view, rather than separating their property from the water.
"Fences make for good neighbors," Malin said.
Her observation is confirmed in the NAR survey - 37 percent of buyers liked fences.
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