Location, location, location has always been the most important factor when it comes to real estate, but the industry’s oldest advice may be changing. According to a new survey from Coldwell Banker Real Estate, consumers say price (56%) is more important than location (50%) when it comes to buying a home today.
The nationwide survey of more than 42-hundred U.S. adults (25% of whom are luxury respondents - those with a household income of $1-million or more, or who’ve bought a home worth $1-million or more) reveals:
- Women also value price more than men, as 60% of them say it’s most important, compared to 48% of men.
- About a third (31%) of those who bought a home last year did so because they found their dream home.
- More than half (56%) of respondents think the real estate market will either improve or stay the same in 2024, compared to 2023.
- For 32% of those polled, their ideal home is located in the South, while 24% say theirs is in the Northeast.
- Almost half (49%) say their dream home is mid-sized, with three to four bedrooms and two to three bathrooms.
- Ranch is the most popular design style for a dream home (13%), followed by modern contemporary (11%), but more respondents say they prefer “no style” in particular (16%).
- Just over a quarter (26%) of respondents have not and don’t plan to give money to their children to help them buy their first home.
- Keeping up with the Joneses is important to a lot of buyers, as 43% admit they’ve been somewhat or highly influenced by social media to want to buy a certain type of home.
- That number is much higher - 73% - for luxury consumers.
Source: Coldwell Banker
Scott's Thoughts:
- Location only matters to me in regards to being a safe neighborhood.
- Price and interest rate of the loan definitely is important.
- Prices of homes are ridiculous in some areas.