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!