The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
Instead of shying away from buying a home during the COVID-19 crisis as expected, homebuyers are turning out in droves. Whether it’s the near-record low mortgage rates or a desire to leave urban environments drawing them out, buyers all want the same thing: to find the perfect home.
In a new study, Lombardo Homes found that the search for that perfect home spans an average of 19 properties over the course of four months. So, what exactly are buyers looking for during that search? According to respondents, the most important elements of a home are price, location, and neighborhood.
Other highlights include:
- 51% of buyers use an agent or realtor to buy a home
- 41% of buyers would go over budget by an average of $25,000 for the perfect home
- 1 in 3 have backed out of purchasing a home, most often because of something found during inspection (34%) or changing their mind about the house itself (29%)
You can see the full study here. Let me know if you’re interested in sharing the data with your audience or if you have any questions I can answer.