Home affordability tops with buyers
When it comes to finding a home, affordability beat out location as a top requirement for Americans when searching for a new home, according to a study by Roost.com. A wave of practicality driven by harsh economic times has forced location-the former No. 1 home-buying factor-to take a back seat in the process, and has created nationwide consensus when it comes to this emotionally-charged activity.
In an Opinion Research poll, the No. 2 consideration was finding a home in the right location or community. This can be compared to a survey conducted by Kelton Research in 2005, prior to the recent economic downturn, in which a full three out of four Americans (72 percent) stated that when looking at available property, the neighborhood was more important than the house itself.
The survey also revealed that on average, homebuyers spend a significant amount of time researching potential homes to buy online – a full eleven and-a-half hours per week, a number that is even higher for women. This is no surprise for those familiar with the industry. Homebuyers in the Northeast spend the most time researching prospective homes at 15.2 hours per week.
Source: Real Trends