A new survey has found more than three-quarters of Americans are willing to buy a home even if the property or the surrounding area is less than desirable.
The survey of 1,000 adults by Clever Real Estate found 57% of respondents would not consider mold to be a dealbreaker on a home purchase, while 49% were willing to overlook the presence of hazardous materials and 45% could tolerate structural issues. The survey found 63% of respondents would buy in an area with a high risk of natural disasters and 50% would buy in an area with high or increasing crime.
Furthermore, the survey found more buyers would be willing to overlook having a registered sex offender (14%) living nearby rather than a generally unpleasant neighbor (12%). Only 12% of respondents claimed they would walk away from a sale immediately if they discovered a major flaw in the home.
But that’s not to say that today’s buyers are too easy to please. The vast majority of respondents said they would not consider purchasing a home on the same street as a long-term construction project (93%), factory or power plant (93%), prison or jail (92%), or shooting range (91%).
And while the median home sale price is slightly above $400,000, nearly two-thirds (63%) of buyers say the maximum price they could afford is under $400,000. Nonetheless, there are more than a few buyers who would overlook a home’s flaws for a discount (38%) or if the seller offered repair credits (29%) or included a home warranty in the sale (29%).
Buying a house is a lot of money, and it’s not just a home but an investment.
They should never settle!
An interesting reminder that when affordability becomes a challenge, buyers often become willing to trade perfection for opportunity.”
“An interesting reminder that when affordability becomes a challenge, buyers often become willing to trade perfection for opportunity. The key is understanding which issues can be fixed and which ones are permanent.”
As a general rule, price overcomes all objections.
In the Portland Oregon area, you can’t find a SFR UNDER $400 unless it’s a tear down, and that’s even questionable. I have seen row houses or condos with no yard or a very small yard no garage or maybe a 1 car garage that are less than $400k but they usually have HOA fees
Or here’s a thought, if enough people bought in a less than desirable area…..maybe it will be come a better area bringing in more buyers doing the same thing. It takes great people to make a great neighborhood.