Blogs

Buyers Breaking the Bank for New Homes

By MNR News posted 10-23-2020 07:31 AM

  

They want the right location with lots of space—and are willing to pay for it

photo of young couple in living roomIn a competitive market where bidding wars flare up over scarce housing supplies, many buyers are ready to stretch their budgets to close the deal. Almost two thirds of respondents to a recent Lending Tree survey said they would pay more than originally planned for “the perfect house.” For Millennials—the largest demographic in today’s market—the budget-busting impulse was even greater. 76% of those in the 24 to 39 age range said they would exceed their allotted resources for a new home.

And what is the stuff of dreams for today’s home buyers? According to the survey, location tops the list, closely followed by spaciousness, and more distantly by amenities like a big yard and new construction.

graph of the most important factors for homebuyers

Of course, even in the best circumstances, buying a home can be nerve-wracking. The survey found that first-time homebuyers worry more about money than repeat buyers. The mortgage application process is also painful, particularly for Black and Hispanic buyers. And persistently low inventory levels are stressful for all buyers.

When they finally close on the perfect home, how long they stay has a lot to do with their demographic. Boomers and Gen X’ers like to kick back and watch the grass grow for 15 years or more. While Millennials are more fleet of foot, ready to move again within a decade. Learn more about these trends by reading Are More Buyers Willing to Go Over Budget? Or referencing the Lending Tree survey mentioned above.


#Trends
0 comments
591 views