Lombardo Homes recently surveyed 1,800 homeowners to learn more about what today’s home buyers are searching for as well as a deep analysis of the home buying process in 2020. Let’s take a deeper dive into the full results of the survey.
How long did the home buying process take?
The survey from Lombardo homes found that the average time people spend searching for a home is over 4 months. Surveyed respondents said that they looked at 19 different homes on average before deciding on the home they purchased.
How did you find your home?
When asked how homebuyers found the home they are currently living in, 51% of surveyed respondents said they worked with an agent or realtor. 38% said that they found the home while searching online. Just 11% said they found the house locally while driving or walking past it.
When looking for a home, what was most important?
Lombardo Homes asked 1,800 homeowners about what was most important to them when buying a home. The full breakdown of responses can be seen below:
1. Price (80%)
2. Location (75%)
3. Neighborhood (64%)
4. Size of home (60%)
5. Layout (41%)
6. Good schools or school systems (37%)
7. Exterior appearance (31%)
8. Size of the lot (28%)
9. Potential maintenance (26%)
10. Property taxes (24%)
11. Green space (19%)
12. Investment potential (17%)
13. Home features (e.g pool, carriages house, etc…) (12%)
With price bring the most important factor for homebuyers when searching for a home, it’s not surprising to see 41% of buyers say they would go over budget by an average of $25,000 to find the perfect home.
Which features matter the most to you?
Similar to the question above, Lombardo Homes asked homeowners the features that were most important to them in the home they bought. The full breakdown of responses can be seen below:
1. Layout (71%)
2. Storage space (59%)
3. Outdoor living space (57%)
4. Large kitchen (53%)
5. Updated kitchen (53%)
6. Updated bathrooms (49%)
7. Natural light (43%)
8. Energy-efficient appliances and windows (32%)
9. Hardwood floors (31%)
10. Dedicated office space (23%)
11. Stainless steel appliances (18%)
12. Smart home technology (13%)
Compromises when buying a home
Let’s face it when it comes to making a major purchase like a home, we all have to compromise in one way or another. Whether you’re compromising on price, location or the home itself to please a loved one, many home buyers find themselves having to compromise at some point throughout the home buying process.
Lombardo Homes asked the homeowners they surveyed about what they compromised on and why. First let’s examine what home buyers said they compromised on. Top responses are provided in the breakdown below.
What did you compromise on?
1. The layout of the home
2. Age or repairs needed on the home itself
3. The size of the home
4. Whether or not the kitchen has been updated
5. Whether or not the bathroom has been updated
6. The size of the kitchen
7. The availability of storage space
8. Natural light in all rooms
9. Outdoor living space
10. The size of the lot itself
11. The neighborhood
12. The architectural style of the home
13. Hardwood floors
14. Energy-efficient appliances and windows
15. The school system in the neighborhood
16. Smart home technology and whether or not the home had it
17. A dedicated office space
18. Stainless steel appliances
Why did you compromise?
Lombardo homes asked homeowners why the compromised during the home buying process. 43% of homeowners said that the reason they compromised on their home choice is because they couldn’t afford what they wanted (43%). This shows once again that price is by and large the most important factor for most people when searching for a home.
20% of surveyed respondents said they couldn’t find what they were looking for when searching for a home. 14% said they were worried someone else would put in an offer on their home. 13% said they compromised on home choice for their partner. And finally, 10% said they were just plain tired of looking for homes.
As you can see homeowners have different reasons for compromising on homes. Most end up compromising because of the price where others compromise for their partner. One of the more interesting data points from the survey is that home buyers said they would be willing to go $25,000 over budget for their dream home. So, while price is the number one factor for homebuyers, they are willing to compromise their budget for the perfect home. 41% of respondents said they would have gone over budget for the perfect home. 59% said they would not break their budget for the perfect home.
Backing out of purchasing a home
The last part of the home buying survey from Lombardo Homes asked homeowners if they had ever backed out of purchasing a home. Surprisingly, 1 in 3 homeowners said they have backed out of purchasing a home at some point in the home buying process.
Why did you decide to back out of buying a home?
It was certainly surprising to see such a high percentage of homeowners had backed out of buying a home. Lombardo Homes asked home buyers why they decided to back out of the home buying process.
Listed below is a breakdown of top responses:
1. Something was found during the inspection process (34%)
2. I changed my mind about the house itself (29%)
3. I changed my mind about the budget I was working with (18%)
4. There was a change in my personal life (7%)
5. I couldn’t get a loan (6%)
6. There was a change in my work life (5%)
7. I no longer wanted the commitment of buying a home (2%)
To see the full survey results on home buying, check out the graphic below from Lombardo Homes.
Infographic by: lombardohomes.com