Real estate’s oldest advice has always been location, location, location. However, a recent nationwide consumer survey for Coldwell Banker Realty revealed a surprising finding. When searching for their dream home, more consumers now prioritize price (56%) over location (50%). Women also value price more than men – 60% to 48%. This sets new stakes for this year’s real estate market.
Additionally, a majority of consumers surveyed (56%) believe the real estate landscape will either improve or remain the same in 2024 compared to 2023. Interestingly, consumers who plan to sell their home in the future would be more likely to move to a different city after selling their home now (39%) vs. in 2022 (19%).
Nearly a third of respondents (32%) said their ideal home is located in the South. This was the No. 1 region of the country selected in the survey, which bodes well for Florida and, specifically, the Sarasota-Manatee real estate market. Florida has been the top moving destination in the U.S. for several years running.
In terms of home style and size, nearly half (49%) of consumers surveyed said their dream home size is mid-sized: 3-4 bedrooms and 2-3 bathrooms. Ranch homes, which are plentiful in the Sarasota-Manatee real estate landscape, came out as the top dream home design style at 13%, with Modern Contemporary (11%) a close second.
Taking into consideration the electronic age in which we live, the survey also delved into social media influences. Social media significantly influences home preferences for 64% of consumers aged 18-24, compared to a mere 16% of those 55 and above. Some 43% of overall consumers we surveyed have been somewhat influenced or highly influenced by social media in their desire to purchase a particular type of home. With luxury consumers specifically, this stat dramatically increased to 73%.
The generations were influenced by different social media outlets. Those aged 18-24 are most likely to have been influenced by TikTok (68%) in their preference to purchase the type of home they desire. Consumers aged 55 and above are most likely to have been influenced by Facebook (54%).
And finally, 58% of consumers agreed with the statement, “I consider my home as an asset that I would pass along to my child(ren).” With real estate often being the most expensive purchase in a person’s life, it’s important to have a plan.
As we navigate the future in residential real estate with changes and fluctuations in interest rates, supply, demand, price, and more, real estate professionals are even more vital in guiding and advising through the homebuying and selling process. It’s an ever-evolving market, but the result for consumers can be huge and immediate – finding and living in their dream home.
Duff Rubin is Southeast Regional President of Coldwell Banker Realty.
This article originally appeared on Sarasota Herald-Tribune: DUFF RUBIN: Survey: Price now tops location when purchasing dream home