In an environment of rising mortgage rates, consumers are reevaluating their real estate purchasing priorities. According to a recent national survey, coldwell bankerIn the decision-making process, the price of a home is more important than its location.
56% of survey respondents said price was the most important factor when choosing a home, and 50% of respondents cited location. Women (60%) also indicated that they were more likely to prioritize price compared to men (48%).
And despite economic uncertainty looming over the housing market, the majority of respondents (56%) remain optimistic about the future of real estate. This optimism is reflected in their belief that housing conditions will improve or remain stable compared to last year.
Another notable trend found in the survey is the increasing propensity of consumers to migrate. Notably, 39% of respondents were reported to be considering moving to another city after selling their current residence, up from a 19% share in 2022.
Social media platforms have a huge influence on consumer behavior, including in the real estate sector. A total of 43% of survey participants reported being “somewhat influenced” or “very influenced” by social media when forming their housing preferences.
This receptivity to social media is even more pronounced among younger demographics, with 64% of consumers between the ages of 18 and 24 citing social media as an important factor in their decision-making process. TikTok has emerged as the frontrunner to influence the tastes of younger consumers, while Facebook remains relevant among older demographics.
Differences in generation and race
More than a quarter (26%) of respondents aged 25 to 34 have not provided or do not intend to provide financial assistance to their offspring to purchase their first home. Younger respondents are more likely to provide (49%) such support.
Additionally, the study found that Black Americans (46%) and American Indians or Alaska Natives (49%) are more likely to financially help their children obtain their first home. became. Additionally, 58% of respondents agreed that a home is an asset that will be passed down to children.
Ideal home profile
Almost a third (32%) of respondents preferred a home in the south, while 24% preferred a property in the north-east.
When it comes to architectural style, ranch houses emerged as the preferred choice with 13% of the votes, closely followed by “modern and contemporary” designs at 11%. However, a significant proportion (16%) remained indifferent to specific architectural styles.
Collaboration with Coldwell Banker whole census In a survey. The survey was conducted from November 27 to December 11, 2023, and 1,053 people responded.
