The home buyer of today is a very different home buyer than we had just 5 to 10 years ago, here is what today’s homebuyers are looking for.
Neighborhoods are important to people, which type of neighborhood they are looking for depends on the family composition. An older couple with no children may prefer a golf community or senior community where they will not have to deal with as much noise where as a married couple with children would prefer a community with a playground so they can play with other children in the area.
We all have to commute, but by having a home closer to work you establish a better work-life balance that many are designating a priority.
With jobs being few and far between and retirement accounts drying up due to the recession, many home buyers are looking for a nice home while keeping costs as low as possible, which ideally would be no more than one-third of your yearly income. (Pre-Tax)
In a recent survey nearly 45% of the buyers said they would extend above their budget to live in an area with a quality school system.
Buyers expect to stay close to 15 years in their homes, so they are taking extra notes to make sure a home can support their lifestyle throughout that period.
With the tough credit industry we are currently in, getting approved for a mortgage is a challenge, many buyers are more willing to consider homes that are below what they have qualified for in order to increase the loan to value ratio.
With the economy still in recovery many are still looking to save money anywhere they can, so it is no surprise that majority of home buyers are looking for energy efficiency throughout the home.
The current generation is looking for a space where they can entertain and spend quality time with their loved ones.
Higher ceilings allow for greater air circulation as well as more natural light.
Many home buyers are looking for technological amenities, being able to lock their doors, turn on and off the lights, set the thermostat and close the garage door from their cellphone is becoming a priority.
It’s interesting that with the various things people look for in a home that location continues to top the list.
The home is what you inhabit. The neighborhood is where you live. I have seen beautiful homes in locations that I could never see myself living in as they were either too remote or too congested.
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