In the Coronavirus era, much has changed in the real estate market. For one thing, home buyers seem much more willing to invest in a home that will simultaneously be their living space, their work space, and their relaxation space for the foreseeable future.
In fact, a recent survey by Lombardo Homes found that home buyers are willing to go $25,000 over budget for the home that they felt was their perfect match. Here’s more about what they are looking for when they’re in the market for a home.
On which features matter most to buyers when they’re shopping for a home:
The Lombardo Homes survey found that layout (71%), storage space (59%), and outdoor living space (57%) were the top three features that home buyers are looking for as they are in the market to purchase a home.
When asked why those factors hold such importance, Melissa Cervin, Vice President of Marketing for Lombardo Homes said:
“Buyers are much more aware of their home being a multipurpose environment. People need to be able to use their home to live, work and play. There’s is also a lot of conversation currently around dedicated work spaces (offices or dens), in-house gyms, command centers for kids.”
Meanwhile, features that don’t have as much livable function – namely smart home technology and stainless steel appliances – ranked at the bottom of the list, with only 18% and 13% of buyers ranking them as a factor of importance.
On where buyers are willing to compromise in their home search:
The Lombardo survey found that home buyers were willing to compromise on a variety of factors when it came to their home search. However, the layout, the age of the home, the amount of repairs needed, and the size of the home were the places where they compromised most.
While those may seem like big areas in which to compromise, Cervin had a good explanation for why today’s buyers need to be flexible:
“here isn’t a lot of inventory on the market right now, especially with Coronavirus being a factor. Homes on the market sell quickly, often in a few days or less, and often the sales price is driven up as result of a bidding war.”
In response to those challenges, she recommends that buyers consider new build homes, where buyers can “they can guarantee their lot, their floor plan, the options specific to their lifestyle, and their price.”
On which factors are ultimately deal breakers for buyers:
The survey found that the school system, the size of the home, and the size of the lot were ultimately deal breakers for those who were asked to share their opinion. While neighborhood and architectural style were last on the list.