News: Home shoppers are looking for more flexibility in their home space and are ready to trade in short commute time for affordable, Realtor.com® survey finds
SANTA CLARA, California, June 17, 2021 / PRNewswire / – Life is starting to return to normal in the United States, with many companies announcing their return-to-office strategies and cities starting to open up. However, for many 2021 homebuyers who spent the majority of 2020 confined to their homes, the COVID pandemic has influenced what they look for in their next home, as the hyper-competitive housing market forces them to develop. strategies for moving forward, according to a new Realtor.com® investigation released today.
The need for more space was the main reason home buyers decide to buy a new home in the coming year, according to HarrisX’s online survey this spring of 1,200 buyers. home. Although the majority of buyers today are looking for three bedrooms and two bathrooms, their responses indicate that they are looking for more flexibility in their home space and an affordable price in exchange for a shorter commute – the new realities. of a post-COVID world.
“The COVID pandemic has ushered in a new way of thinking about what home means, and it’s influencing a lot of what home buyers are looking for today,” said George ratiu, Senior Economist, Realtor.com®. “Garages, large backyards and pet spaces are still high on buyers’ wish lists, but these features have grown in importance. The survey results underscore that the pandemic has strengthened our relationships with family as well as the need for our home purposes, especially the ability to work remotely. As a result, we place particular emphasis on the need to accommodate extended family and features such as an office home and a high-speed Internet connection. “
What Are the Pros and Cons for Post-COVID Home Buyers
When asked what features of the home have become a priority due to the pandemic, the quiet location (28%), the updated kitchen (25%), the garage and the large backyard (24% each) are at the top of the list. Outdoor living space (20%), space for pets (18%), renovated bathrooms (19%), home office and high-speed internet capabilities (17% each) and an open floor plan (16%) completed the top 10 pandemic-induced most sought-after hospitality features.
Sixty-five percent of respondents said they plan to buy a home when shopping for a home, and almost a quarter said they plan to buy loved ones. A fifth of those polled said they would have an extended family living with them full time and 30% said their new accommodation should accommodate an extended family staying with them part time or visiting.
In keeping with the desire for outdoor space, terms such as “fenced yard”, “acres”, “backyard”, “front porch”, “garage” and “three-car garage” have all seen a significant increase in searches. on Realtor. com® over the past year. With reports of pets being adopted at record rates during the pandemic, the term “pets” has also seen a surge in searches.
Less and less importance compared to previous surveys was the need for a short travel time and a house with a smaller square footage. Only 9% said short travel time was a priority and 4% wanted a smaller square footage. That figure was down from 11% and 8%, respectively, at the start March 2020 before the pandemic.
Perhaps due to rising home prices, searches for “renovated” homes on Realtor.com® were down 88% year-to-date through May. It appears that motivated buyers are making concessions in their search for housing, with less searching for otherwise popular features such as granite countertops (-58%), movie theaters / media (-65%) and bars (-52%).
Today’s buyer is ready and willing to compromise
Again, pragmatically in the competitive housing market, 35% of homebuyers said they check listing websites every day and 25% set a price alert to be notified when new homes arrive. in the market in order to stay ahead of the competition.
From a fundraising perspective, 28% said they plan to offer more than 20% cash payment, 21% plan to increase their down payment and 17% plan to offer above the price. requested or all in cash. While a third said they would not offer above the asking price, almost half were willing to offer up to 10% above the asking price.
“In today’s competitive real estate market, it’s not uncommon to bid above the list price of the home. At the same time, knowing what to spend and staying on budget is one of the most important things a buyer can do. One way to make sure you’re on budget is to narrow your search by using house price filters below your budget. This way, if you submit an offer that exceeds the list price, you will still be within your maximum budget, ”Realtor.com said.® Housing and lifestyle expert Lexie Holbert.
When buyers were asked to select which features they would sacrifice if they had to cut their budget, several features coveted by COVID would be the first to go with man cave and pool / spa tied at 24%, followed by house d. ‘Hosts and mother in legal suite both 23% and new construction at 22%, solar panels (21%), finished basement (20%), home office (18%), large backyard and guests round out the top 10 features to let down. bedroom (both 17%).
Methodology: Realtor.com® commissioned HarrisX to conduct a national survey of consumers, including 1,218 adults over the age of 18 who plan to buy a home in the next 12 months. This survey was conducted online in United States of March 26 – April 7, 2021. The sampling margin of error for this survey is plus or minus 1.6 percentage points. The results were weighted by age, sex, region, race / ethnicity, and income, where applicable, to bring them into line with their actual proportions in the population. In addition to the general population, the survey oversampled 1,218 potential buyers with a margin of error of plus or minus 2.8 percentage points.
The research information in the release is based on an analysis of the most frequently searched keywords on Realtor.com® of January 1 – May 31, 2021.
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