More than half of luxury homebuyers would be unlikely to make an offer on a home with an outdated kitchen. They want kitchen islands and upgraded appliances.
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 the real estate brokerage Redfid. Roughly 300 Redfin Premier agents responded to the survey, which Qualtrics conducted in April-May 2024.
“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.
Outdated kitchens are the biggest turnoff for luxury buyers
More than half (54%) of homebuyers would be unlikely to make an offer on a luxury home if it had an outdated kitchen. That makes an outdated kitchen the biggest turnoff for buyers, followed by lack of curb appeal (48%), outdated bathrooms (44%), and popcorn ceilings (40%).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.
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.
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