Homebuyers share their biggest deal-breakers
A home’s layout and natural light are important, but a new survey reveals what people refuse to give up — and how many of them can stick to their budgets.
A new report about homebuyers reveals what they want — outdoor space, laundry machines, lower prices — but the real tea is in the dealbreakers.
Busy street? No sale.
Needs a lot of updates? Next!
No garage, or at least a parking space? Keep on driving.
And get this: 100% of recent buyers surveyed said they stood their ground and didn't concede any of their disqualifiers. That's according to the 2024 State of Homebuying survey of buyers, home shoppers and real estate professionals, conducted this summer by Apartment Therapy.
When it comes to dealbreakers, though, the trick is to keep clients from sweating the small stuff, like paint and other "low-cost and easily changed items," according to Milwaukee-based agent Jess Annabelle.
You can add things like wallpaper, light fixtures and hardware to the list, the survey found. "But it depends on the buyer," Annabelle said.
And buyers surveyed seem to be focusing on the appropriate significant features, with 80% of them paying attention to a home's layout and 68% seeking natural light. A coat of paint won't fix those.
Other revelations:
Buyers are moving quickly: The average home search lasted 7.5 months, but 21% of buyers said they found their home in a month or less. Current shoppers, meanwhile, are taking a little more time, with their searches at nearly nine months in a housing market that is finally starting to see inventory increase — at least in some areas.
How many offers? Current home shoppers have made an average of three offers so far, the survey found. Recent buyers had an easier time of it, making just two offers on average before sealing the deal.
How much are people spending? Most of the recent buyers surveyed (68%) had a budget of less than $500,000, while 34% had a budget of less than $300,000. The good news is that more than two-thirds of them were able to become homeowners and stay within their budget.
Location, location, location … but not always: The survey found that 21% of recent buyers ended up living outside their most-desired neighborhood. Said one recent buyer: "I pigeonholed myself at first and got frustrated at the lack of properties available, but when I opened up to other areas, I found a house right away."
Home tours increasing: Would-be buyers said they had seen an average of 13 properties so far, while the newly minted homeowners averaged just 10. (Note: The survey took place in June and July, before NAR rules related to home tours and buyer agreements took effect.)