As we approach something that more resembles normalcy, consumers are switching up their home-buying trends, prioritizing spacious amenities over commuting time and even considering higher price points, according to a new realtor.com® survey.
The findings:
When asked which home features are priority, survey respondents said:
– Quiet location – 28%
– Updated kitchen – 25%
– Garage and large backyard – 24%
– Outdoor living area – 20%
– Space for pets – 18%
– Updated bathrooms – 19%
– Home office and broadband internet capabilities – 17% each
– Open floor plan – 16%
Additionally, compromise is more commonplace, particularly regarding price. Eight percent planned to offer more than a 20% cash payment, 21% planned to increase their earnest money deposit and 17% planned to either offer above asking price or all cash.
What it means:
Buyers know what they want, and they’ll go after it, even if it means a longer commute or a higher price tag.
“The COVID pandemic ushered in a new way of thinking about what home means, and that is influencing much of what today’s home shoppers are looking for,” said George Ratiu, senior economist, realtor.com®. “Garages, large backyards and space for pets always rank high on buyers’ wish lists, but those features have grown in importance.”
“The survey results highlight that the pandemic has elevated our relationship with family as well as the need for our home to serve multiple purposes, especially the ability to work remotely,” adds Ratiu. “As a result, we are placing a premium on the need to accommodate extended family, and features like a home office and broadband internet.”
Liz Dominguez is RISMedia’s senior online editor. Email her your real estate news ideas to lizd@rismedia.com.
