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DESPITE HIGH GAS PRICES, MORE BUYERS WANT OVERSIZED GARAGES

Home buyers in increasing numbers want garages with two or more spaces in their homes. Since the last survey taken regarding this item in 2004 by the National Association of REALTORS, oversize garages saw the biggest growth in terms of what recent buyers considered very important in a home, gaining 16 percentage points to 57%. In the 2007 Profile of Buyers' Home Feature Preferences, among buyers who purchased homes without this feature, 56% of them said they would have paid more for an oversize garage, compared to only 6% in the 2004 survey.

Hardwood floors and granite countertops each gained 7 percentage points, with 28% and 23%, respectively, of buyers viewing these features as "very important". Gaining 6 percentage points was cable/satellite TV-ready, at 46%.

Energy efficiency was more important to new-home buyers than buyers of existing homes, with 65% of new-home buyers saying it was very important compared to 39% of buyers of existing homes. Older buyers placed a higher priority on energy efficiency than did younger buyers.

From 2004 to 2006, the size of the typical home purchased increased by about 100 sqf to 1,840 sqf while the median number of bedrooms dropped from four to three during the same period. The median home age reported in the current survey is 12 years, down from 15 years in 2004.

More than half of home buyers believe their home has high investment potential, and another four out of ten believe it has moderate investment potential. Only 3% felt their home's investment potential was low. Six out of ten recent home buyers took on remodeling or home improvement projects within three months of their purchase. Close to half of home buyers who remodeled or made improvements updated their kitchen, and nearly half remodeled or improved a bathroom. New homeowners spent a median of $4,350 on home improvement or remodeling projects undertaken within three months of purchase.

"The fact that a majority of home buyers quickly remodel key areas of their homes ties into the fact that their home is a good, long-term investment," said Paul Bishop, NAR manager of real estate research. "Regardless of market conditions in the short term, when purchased for the long term, housing is one of the safest investments consumers can make."

Source: NAR, Skye

Mary and Joe Skye are real estate consultants devoted to serving those who desire to buy or sell a home.  They share a common goal of serving buyers and sellers above and beyond expectations.  It is this keen desire to serve and develop relationships that motivates them to constantly be aware of any opportunity to better serve their customers. 

Mary and Joe in striving to do the extraordinary differentiate themselves from the ordinary with the result being that approximately 85-90% of their business is referral and repeat business.  It is with this in mind that Mary and Joe offer their real estate expertise to all buyers and sellers who need real estate assistance.  In today's challenging marketplace you need someone with a proven record - you need the SKYE TEAM.  Let their 40+ years of combined experience in the real estate industry work for YOU!  

Come on and enjoy this great South Texas adventure in Real Estate.  Feel free to add your comments and suggestions.  Check out Mary and Joe's website at:  www.TxHomeSearch.com.

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