Buying a home now? Surprising Survey Results…145

#stlouisrealestate #homebuyer #realestate

Deerwood Realty and Friends Podcast

I happened to see an article that was a survey of homebuyers…I wanted to go over it because I was surprised with the results versus what I do in my actual business and wanted to bring you along for the ride.

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Thoughts:

1. 2,000 homeowners surveyed, all who purchased in at least the last 5 years, and then split between buying during the pandemic and buying before the pandemic.

2. Was buying a home a stressful experience?
Pre-pandemic 60% say yes
Pandemic 86% say yes

What’s up with that?
a. Buying a home is always a stressful experience. But, could it be possible that someone who bought a home 3 years ago doesn’t remember the stress as vividly as someone who bought a house a month ago? As an example, I can’t remember what I posted on YouTube last week.

3. How many homes dd you view?
1-5 PP(pre-pandemic) 58%
Pandemic 72%

6-10 PP 31%
Pandemic 23%

11 or more PP 11%
Pandemic 5%

What is up with these numbers? I usually show my buyers more than 11 homes regardless of whether or not it has to do with the pandemic. Why? Well, how would you possibly be able to compare homes in a particular area without going to look at a lot of them? 1-5 homes searched? Never happens for me.

Is it possible that there are fewer homes to see? The inventory of homes available to view is lower so home buyers are seeing less of them? Maybe

Tell me the truth? If you bought a home in the past 5 years, tell me how many homes you personally went and viewed with your agent or at an open house and put it in the comment section below…Because if people are only looking at between 1 and 5 houses before they choose to buy that’s crazy to me.

I have considered price ranges as well. So would it matter if someone was buying an 800k house versus a 200k house?

4. Did you lose a bid on at least one other property?
PP = 31% yes
Pandemic = 79%

I can remember being in competition with 1 or 2 buyers before the pandemic, but nothing like the multiple offer bids of today. 30 and 40 offers per house? Crazy.

Now, when a buyer loses out consistently on properties they write on, they get super discouraged. This is something that we need to help our buyers with.

5. Did you make a decision more quickly than you were comfortable with?
PP=48% yes
P= 84% yes

In a way, if you just looked at 5 houses before making a decision to buy, I could see how you would be uncomfortable with the amount of time you needed to make a decision. That makes sense

It would also make sense if you saw a house that was say on a Sunday afternoon, with offers due by Sunday evening. That doesn’t give you much time to think.
6. Who or what pressured you?

Realtor PP=42%
Pandemic = 67%

The owner of the house PP 41%
Pandemic = 57%

Partner PP= 39%
Pandemic = 51%

Limited inventory PP=39%
Pandemic 28%

So, my main problem is we don’t have a really good idea of what the definition of “pressure” is. Let me put it this way

I would feel pressure to purchase a home, and it wouldn’t matter when it was during the pandemic and it wouldn’t be anyone but me putting pressure on myself.
a. I want the house.
b. I want to stop looking for houses.
c. I am spending my income to purchase a house.

These would cause me to feel pressure.

Now, Why is your realtor pressuring you? In what way? For example, If I tell you as an agent that there are 14 offers on this house, and if you want to be number 15 you are probably going to need to be above asking price, is that causing you pressure? Because I’m telling you the truth, and it’s not intended to cause pressure.

If I said as an agent, “If you don’t buy this house, it could be months before we find another” Is that pressure? Could also be true or false, but it’s unknowable at the time that it’s said.

I just don’t understand where the pressure from the real estate agent is coming from.

For the owner of the house to cause pressure. What is that about? How is the owner causing pressure? They chose a listing agent who is a jerk or clueless?

For the partner to be causing pressure…What is this about? Are you telling your partner, “buy this house or we’re done?” What would the pandemic have to do with that?

Or, buy this house in the country so we have more fresh air? Again, that seems like pressure that could happen anytime.

Limited inventory causing pressure? This is the only statistical situation where the roles are reversed, meaning that those who bought before the pandemic attributed pressure due to limited inventory.

Source: https://www.homeadvisor.com/r/homebuying-deal-breakers/

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