What Buyers Are Looking For

Today’s buyers have to move quickly, but also may have to sacrifice some of their wants.

What is a non-negotiable? According to a recent realtor.com^® survey, buyers have shifted their priorities due to the pandemic. Twenty-percent of respondents said they valued a quiet location, while 25% said an updated kitchen, 24% said a garage and an additional 24% said a large backyard. Buyers are also thinking of their extended family, with 65% reporting they want to be near them and 30% reporting extended family would be visiting or staying with them part-time and they would thus need more room. Twenty percent said they would have extended family living with them full-time.

Not surprisingly, consumers are no longer placing as much value on short commute times or smaller homes. Nine percent said a short commute was a priority and only 4% said smaller square footage was their goal, a decrease for both since pre-pandemic.

However, with low inventory continuing to plague the market, most buyers know they need to act quickly and efficiently. Thirty-five percent said they check listings daily, while 28% said they plan to offer more than 20% cash payment, 21% plan to increase their earnest money deposit and 17% plan to either offer above asking price or all cash. Close to half of respondents said they would offer up to 10% over the listing price, while about one-third said would not make an offer above the listing price.

Reluctantly, buyers know they may have to give up some of their wants to get a house. A man cave and a pool/spa were the most likely to go with 24% each, then a guest house and mother-in-law suite both at 23% and 22% said new construction.