Home >> Daily Dose >> Homebuyers Willing to Pay More
Print This Post Print This Post

Homebuyers Willing to Pay More

According to Lombardo Homes, 41% of buyers would go over budget by an average of $25,000 for the home they wanted. 

Additionally, the average prospective buyer looks at more than 19 properties within a four-month period as they are house hunting. Among these prospective buyers, 50% of them enlist the aid of a licensed real estate agent for help in procuring that perfect property fit. Nearly 75% opt for aid from modern technology via online resources such as Redfin or Zillow.

Even with the help of an expert or exhaustive, an online database, the numerous options can overwhelm. Yes, there is the standard hope for the majority of buyers to find an abode with X number of bedrooms and bathrooms that are located in a good area and just also happened to be in their budget, but there is also much more to consider. 

Lombardo Homes surveyed 1,794 homeowners to find out what matters most to home buyers today. The results revealed these top trends in the hunt for housing. Apparently, you cant always have it all, as those surveyed admitted that they had to make many compromises when it came to purchasing. The top compromises discussed included the layout of the home (29%), the age of the home (29%), home size (26%), the desire for the updated kitchen (23%), and the desire for updated bathrooms (19%).

Also interesting to note were the factors that those surveyed refused to bend upon, which were their preferred architectural styles, the neighborhood, and the local school system. Deal-breakers were also discussed in the findings, with those surveyed revealing what would (or did) make them back away from actually buying homes. 

According to the data, one in three respondents declared their home purchase a no-go after receiving bad news from a home inspection, making it the top reason for buyers backing out. Other deal breakers reported included inadequate size of the property, bad neighborhoods, and lackluster school systems.

About Author: Andy Beth Miller

Andy Beth Miller is a well-established freelance editor and writer with almost 20 years’ experience working within the media industry, contributing to various publications such as Lonely Planet, Zicasso, Honolulu Star-Advertiser, Midweek Magazine, Kauai Traveler Magazine, HILuxury, and many more. She also currently serves as the Editor-in-Chief of ProcuRising Magazine, which enables procurement professionals to increase their knowledge base within a creative and collaborative community.
x

Check Also

Labor Market Still Seeing ‘Significant Degree of Disruption’

While showing signs of improvement, the total number of people claiming benefits hit 3.29 million.

GET THE NEWS YOU NEED, WHEN YOU NEED IT.

With daily content from MReport, you’ll never miss another important headline in originations, lending, or servicing. Subscribe to MDaily to begin receiving a complimentary daily email containing the top mortgage news and market information.