There has been a lot of talk about what buyers are looking for as the marketplace’s activity continues to increase. National Association of Realtors recently conducted a survey that questioned what buyers are looking for in a new home.
Below, we go through some of the highlights from the buyer portion of NAR’s 2020 Market Recovery Survey.
Location
Where do people want to live after being confined to their homes for months? According to the survey, 47% of buyers are interested in the suburbs. People have discussed the desire for more space. Of those surveyed, 22% are less concerned about the commute time than in years past.
House Features
What specific features are buyers looking for in a home? With many employees shifting to working from home, 24% stated they want a home office. The idea of a private space to focus on work is quite enticing! Others have growing family needs, with 15% of buyers looking for space to accommodate family. These reasons range from having an older relative move in, having a baby, or extra space for a pet.
Timing
Why does it seem like everyone is buying right now? There are several factors at play here, including low inventory and historic-low mortgage rates. But, the pandemic also plays a part. NAR’s survey found that 39% of buyers stalled during the pandemic, and now very much need a new home.
According to Lawerence Yun, Chief Economist at the National Association of Realtors,
“A number of potential buyers noted stalled plans due to the pandemic and that has led to more urgency and a pent-up demand to buy. After being home for months on end – in a home they already wanted to leave – buyers are reminded how much their current home may lack certain desired features or amenities.”
Bottom Line
While some buyers have changed their search criteria, the majority stated they have the same needs when it comes to house features (65%) and location (76%).
So, what’s the one thing sellers need to know?
Buyers are actively looking right now.
If you are thinking of selling, whether you live in the city or suburbs, have a home office or not, chances are, someone will be interested.