According to Lombardo Homes [1], 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 can’t 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.