Homebuyers reveal what they are looking for, and sacrifices they will make for their house

When purchasing a new home, why are clients buying? What are they looking for? And what are they willing to sacrifice to get it?

Bank of America recently released their homebuyer insights graphic. More than half of homebuyers (52 percent) said they want to buy a home to have a place to call their own, while 43 percent said they have always wanted to purchase a home. Thirty-seven percent reported they’d rather pay a mortgage than pay rent, while 31 percent said they want to put down roots, and 28 percent said they are searching for a place to build memories. More than a quarter reported finally saving enough money, while 21 percent said it’s their steady job and income leading them to homebuying. Fifteen percent said they think now is a good time to buy.

Homeownership is best described as security (60 percent), responsibility (58 percent), family (58 percent) and happiness (57 percent), according to respondents.

Homebuyers are willing to make sacrifices to purchase a new home. Fifty-four percent reported that they would give up buying nice clothes, while more than half (51 percent) said they would give up a new car. Half said they would sacrifice their social life, while 44 percent would give up travel. Thirty-six percent would give up their dream home features, and 17 percent said they’d adjust their desired location.

However, there are still factors that remain extremely important to those purchasing a home. Eighty-two percent said the cost is the most important factor, and 71 percent said the neighborhood. The floor plan was important to 60 percent, while just under half (47 percent) cited the square footage as the most important.