For many 2021 home shoppers the COVID pandemic has influenced what they are looking for in their next house, while the hyper-competitive housing market has them strategizing about how to get ahead, according to a new Realtor.com survey.
The need for more space was the top reason driving home shoppers' decision to purchase a new home in the coming year, according to the online survey of 1,200 home shoppers conducted this spring by HarrisX.
Although the majority of today's buyers are looking for three bedrooms and two baths, their responses indicate they are looking for more flexibility in their home space and affordability in exchange for a shorter commute - the new realities of a post-COVID world.
When asked which home features have become a priority as a result of the pandemic, quiet location (28%), updated kitchen (25%), garage and large backyard (24% each) topped the list. Outdoor living area (20%), space for pets (18%), updated bathrooms (19%), home office and broadband internet capabilities (17% each) and open floor plan (16%) rounded out the top 10 pandemic-induced most desired home features.
Sixty-five percent of respondents indicated that they are considering extended family when they shop for a home, with nearly a quarter stating that they are planning to buy near family members.
One-fifth of those surveyed said they would have extended family living with them full-time and 30% said their new home would need to accommodate extended family staying with them part-time or visiting.
Consistent with the desire for outdoor space, terms such as "fenced yard," "acres," "backyard," "front porch," "garage" and "three-car garage" have all seen a significant uptick in searches on Realtor.com over the past year. With reports of pets being adopted at record rates during the pandemic, the term "pet friendly" also saw a large increase in searches.
Decreasing in importance from prior surveys was the need for a short commute time and a home with smaller square footage. Only 9% indicated a short commute time was a priority and 4% were looking for smaller square footage. This was down from 11% and 8%, respectively, in early March 2020 prior to the pandemic.
Perhaps due to rising home prices, searches for "remodeled" homes on Realtor.com were down 88% year to date through May. It appears that motivated buyers are making concessions in their home search, with fewer searches for otherwise-popular features such as granite countertops (-58%), theater/media rooms (-65%), and bars (-52%). ■