“I want a longer commute,” said just about nobody ever. However, homebuyers are tending to sacrifice shorter commutes for larger homes at lower prices farther outside of big cities. And today, we’re going to have a look at the number one reason why home buyers are moving farther away.
Hi! My name is Ashley Palmer and I’m a realtor here in Charlottesville, Virginia. And on this channel, I talk about everything you need to know about moving and living in Charlottesville. But before we dive into the video, make sure to subscribe to this channel and leave a comment below if you have any suggestions on other videos I should make. I have new videos coming up every week.
According to a new realtor.com survey, today’s record-high housing prices have prompted more consumers to forego shorter commutes in exchange for larger homes at lower prices outside of major cities. This is likely due to the fact that many professionals work remotely during the COVID-19 outbreak and plan to do so again a few days a week in the future. If they’re not coming into the office every day, they’re less likely to mind lengthier commutes.
“Many purchasers across the country have reevaluated their priorities as a result of the pandemic”, says realtor.com, Senior Economist George Virtue.
Willingness to live further away from work is basically a combination of affordability and quality of life, especially in this market. The findings are based on a poll of over 1200 people who aim to buy a property in the next 12 months. It was taken this year in late March and in early April. The data on home searches is based on an examination of the most popular keyword searches on realtor.com from January 1st to May 31st, 2021.
The most significant home amenities for buyers are a peaceful location which about 28% voted for; an updated kitchen: another 25%, a garage: 24%, in a large backyard: another 24%. Outdoor living areas valued at 20% and space for fur babies or pets valued at 18% are also important to those looking for a home. Additional square footage of flexible space that can be reconfigured as a family’s needs change and outdoor living areas have really risen in importance at the rate. On realtor.com, people are increasingly looking for terms like “enclosed yards” and “acres”, “front porches” and “garages”. More people are looking for “pet-friendly housing” which is likely related to the increased number of people adopting animals during the pandemic, which is a really great thing. On the flip side, fewer people cared about shorter commutes and smaller homes today than before the health crisis. And in an uber-competitive housing market, they were also significantly less likely to search for things like remodeled homes, granite countertops, and a theater or media rooms that’s likely because it’s hard enough to find a home at the right price, winning the bidding war, and having an offer accepted. As a result, many buyers have adjusted their expectations. The features they’re most willing to forgo include band caves and pools and spas, followed by guest houses, in-law suites, and new construction. Buyers grappling with the reality of just how tough the housing market is are also willing to make financial sacrifices to win their dream homes. Almost half are ready to provide up to more than 10% of the asking price, about 28% plan to put more than 20% down when they make offers and 21% will increase their earnest money deposits. Just a third said they wouldn’t submit a bid over the asking price. Covid-19 has also led more people to value living closer to extended family members. About a fifth of buyers are seeking to share their home with members of their extended family while nearly a third plan to accommodate these family members part-time or on visits.
Meanwhile, almost a quarter of those hunting for homes plan to move near their family. It’s not clear if the preferences of aspiring homeowners will change as the pandemic winds down. People return to offices at least part of the week and the kids are back in school but buyers who wait may have a bit of an easier time finding a home.
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