March 06 2024
Price (56%) is more important than location (50%) to surveyed consumers when choosing a home, according to the latest nationwide survey from Coldwell Banker Real Estate. It also finds that women value price more than men – 60% to 48%, respectively. This bucks the real estate industry's oldest advice, setting new stakes for this year's market.
The data further reveal that the dream of home ownership is still alive and well: Of consumers who purchased a home last year, 31% did so because they found their dream home. Additionally, of homeowners who plan to sell their homes in the future, 66% say they plan to move to either a different city, state or country.
"While many consumers made their dream home purchase last year, the data show that some desire to seek new horizons," said Jason Waugh, president of Coldwell Banker Affiliates. "For those still looking for their dream home – no matter their price range, whether nearby or afar – I encourage them to contact a real estate agent for local advice and context."
Additional key points emerge from the data, in terms of market sentiment, social media, ideal home preferences and financial dynamics, revealing the dreams and desires shaping the U.S. real estate landscape.
A majority of consumers surveyed (56%) believe that the real estate landscape will either improve or remain the same in 2024 compared to the previous year. Additionally, the data indicates:
Forty-three percent of consumers surveyed have been somewhat influenced or highly influenced by social media in their desire to purchase a particular type of home. Compare this to the findings from luxury consumers, with 73% of them saying the same. Other social insights include:
This suggests a substantial role that platforms like TikTok, Instagram or other social media channels play in shaping homebuyers' desires. This signals the need for a strong online presence and strategy.
Across the nation, respondents each have their own version of the ideal home location, design and size, with no one-size-fits-all formula arising from the data.
Parental contributions to their children's home purchases differ among generational and racial groups.
In a landscape shaped by optimism, generational differences and evolving preferences, real estate agents emerge as the backbone, providing expertise and guidance. The future of American real estate is dynamic to say the least.