Today’s homebuyers place more emphasis on the property’s price rather than its location, according to a new survey released by Coldwell Banker Real Estate, an Anywhere (NYSE: HOUS) brand.
In a nationwide poll of 4,213 Americans, 56% of respondents cited price as being more important than location, which was cited by 50%. Women valued price more than men – 60% to 48%, respectively.
Still, the value of location remained considerable – nearly one-third of respondents (32%) said their ideal home is located in the South, while one-quarter pointed to the Northeast (24%). Location also played a strong role in the decision making of many home sellers – 39% of respondents who planned to sell their home in the future said they were more likely to move to a different city after they sell their home, compared to only 19% of sellers who were polled in 2022.
Among buyers, 43% of respondents admitted they were either somewhat influenced or highly influenced by social media in their desire to purchase a particular type of home – and among buyers of luxury properties, that percentage was 73%. However, the Gen Z respondents admitted they have been influenced by TikTok (68%) while consumers aged 55 and above are most likely to have been influenced by Facebook (54%).
Looking ahead, more than half of respondents (56%) believed the real estate landscape will either improve or remain the same in 2024 compared to the previous year.
;
More clients are noting the total closing costs (all the taxes, fees, title insurance for lender/buyer/seller, surveys, appraisals, inspections, etc., etc.) and since house prices nearly doubled, that commission $ paid-out doubled – it makes the cost of moving very expensive – more than all except the best Relo packages will cover – even if you buy a same-price house. They see these costs as money thrown away to the wind – all a burden in addition to higher house prices. They generally understand that 6.5% mortgage interest is not long-term historically bad. But combined with the noted costs – it is logical cause for hesitation – even if they can afford these costs – especially without a good Relo package from their employers. And some feel that they financially can not move due to this.
Tax increases are a problem for everyone!!! Mostly the property taxes have increased too much too fast; but all tax increases are a burden to society!