Key Highlights

  • 80% of homebuyers say price is most important factor
  • BUT, 41% of homebuyers willing to go over budget when buying
  • $25,000 “over budget” appears to be the maximum amount buyers will go over budget

In a pre-pandemic survey of recent homebuyers, Lombardo Homes, a new homes construction company, found that the most important factor in buying a home was price. That said, half, or 41%, of the 80% price conscious buyers were willing to go “over budget” by an average of $25,000 to get the home they wanted.

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After price, most(pre-pandemic) homebuyers were interested in location, neighborhood, home size, layout and schools.

Post-pandemic, homebuyers are wanting space…space to work in,  space to live in and outdoor space. Melissa Steele, co-founder of Team Steele San Diego Homes, said that buyers are coming out of the woodwork wanting homes with a designated work space or, at the very least, some small space within a living room or bedroom from which to work.

As some companies are “preferring” their workers work-from-home on a semi-permanent basis, agents/brokers in “second” cities are seeing a surge in demand from out-of-state buyers wanting larger homes that have more open spaces. Darlene Streit, a broker with Sotheby’s International Realty in Santa Fe, NM, said, “(Here in Santa Fe)…you get more house for the money. You can still shelter-in-place, work from home…and still go hiking, go out and go biking…it’s becoming very appealing for people.”

Zahid Abbasi, an agent with RE/MAX Real Estate Connections, said that people are prioritizing a bigger yard and/or having an office or library. Rick Sadle, principal broker of Sadle Home Selling Team with Keller Williams Professionals, is also seeing customers who want and/or need more room so adult members of households can have a designated home office.

One additional post-pandemic factor for homebuyers is NOW and NOW translates into “I need a new space to live and work in – NOW.”

Streit said, I have people who are in San Francisco, and are just having to stay in their apartment or house, and they are really anxious…and they’re moving up their times lines…before the pandemic, it was no rush, and now, they’re like, ‘As soon as we can come in – we want to move now!’”

Thanks to InmanNews’ Lillian Dickerson

Also read: Podcast: What To Expect In 2020? 10 Key Points! (Part 2), CES 2020 Spotlights Smart Home Technologies, New Unemployment Claims Below 2M for First Time in 11 Weeks