According to a recent MReport, the pandemic has shifted what house hunters want and even with normalcy returning, this trend may continue. A Realtor.com survey of about 1,200 house hunters showed that a desire for more home space was the primary factor for deciding to move. A majority of respondents are in the market for three bedrooms and two bathrooms. The survey showed that many are willing to exchange a short commute to work for more flexibility and affordability. George Ratiu, Senior Economist at Realtor.com, stated “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. 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. As a result, we are placing a premium on the need to accommodate extended family, and features like a home office and broadband internet”.
WHAT ELSE DID THE SURVEY FIND?
Roughly 28% of respondents said that a quiet location was the most important factor when searching for a home. 25% replied updated kitchen, 24% replied garage and large backyard, 20% replied outdoor living area, 18% replied space for pets, 19% replied updated bathrooms, 17% replied home office, and 16% replied open floor plan. In addition, the report found that 65% of those surveyed considered extended family when they shopped for a home. Finally, the report concluded that more homebuyers are willing to compromise when purchasing a home in today’s competitive housing market. 28% were planning to offer more than a 20% cash payment, 21% plan to increase their earnest money deposit, and 17% plan to offer above asking price.
Click here to read the full MReport and learn more!
Click here to read the full Realtor.com findings and learn more!
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