As rational actors, we all have a list of things we want in a home. For most people, physical proximity to the places they frequent (e.g., work, school, gym, etc.,) sits at the top of that list; nobody likes traffic. However, economic feasibility will almost always force people to re-evaluate priorities in light of what they can actually afford. Given the year-long surge in home prices, the fact that the surges are most pronounced in major metropolitans, and that remote work has become a reality for most young professionals, it makes sense that people are being driven away from major cities in their quest for the perfect home.
According to a recent survey of 1200 individuals who plan on purchasing a home within the next year, conducted by Realtor.com, buyers are searching for homes: (1) in a quiet location (28% of those surveyed); (2) an updated kitchen (25% of those surveyed); (3) a garage (24%); (4) a large back yard (24%); (5) outdoor living areas (20% of those surveyed); and (6) an area for their pets (18% of those surveyed).
Turning to remote work, fewer and fewer people are concerned about long commutes or small homes; this represents a paradigm shift from the pre-COVID market. Further, given how competitive the housing market is, people are prepared to give up on what they thought were must-haves (e.g., man cave, pools, and guest houses). Moreover, about 28% of those surveyed are prepared to put more than 20% down when they make an offer, and 21% will increase their earnest money deposit to get the home; notably, only 1/3rd of those surveyed claim they won’t make an offer over asking price (which means that 1/3rd of those surveyed will be missing out on a house in this market).
At the Chernov Team we understand that knowledge is power and knowledge of what people entering the housing market are looking for is powerful knowledge indeed. At the Chernov Team we know that whoever comes to the table most prepared leaves with the most, and the Chernov Team always leaves the table with the most.