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Homebuyers willing to compromise, survey finds

DOWNEY – Thirty-three percent of people currently searching for a home have been on the hunt for more than a year, and the vast majority are willing to negotiate with sellers and make compromises to find their next home, according to the results of a survey released this week by Century 21 My Real Estate.
Prospective homebuyers are particularly willing to compromise on popular amenities and their home’s location, the survey revealed.
“As we see more and more buyers returning to our market, the opportunity for would-be sellers to put their homes on the market is incredible,” said Steve Roberson, broker and owner of My Real Estate.
Key survey findings:
33 percent of those searching for a home say they have been at it for over a year, while 67 percent have been searching for up to a year.
Offers are being made, but not many are accepted: 42 percent of those searching for homes have made an offer in the past six months yet only 11 percent have had their offers accepted.
85 percent of home searchers are willing to go above and beyond in order to force the deal through. Of those willing to go “above and beyond,” the top four compromises they’d be willing to make are:
51 percent would be flexible with the closing time.
31 percent would compromise by purchasing the house as-is.
29 percent would compromise by putting more cash down than they had planned on.
85 percent of home searchers are willing to compromise on amenities and futures:
58 percent would compromise on a built-in pool
49 percent would compromise on a finished basement.
37 percent would compromise on an updated kitchen (e.g. stainless steel appliances).
37 percent would compromise on walk-in closets.
88 percent of buyers are willing to compromise on location-related attributes:
42 percent would compromise on the length of their work commute.
36 percent would compromise on access to restaurants, shopping and general conveniences.
35 percent would compromise on proximity to friends and family.

Published: June 13, 2013 – Volume 12 – Issue 09

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