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ccording to a nationwide survey by Coldwell Banker Real Estate, price is now the top factor for consumers when choosing a home, cited by 56% of respondents. This surpasses location, which was chosen by 50%. Notably, women value price more than men, with 60% of women and 48% of men prioritizing it.
The survey also found that many consumers are still chasing their dream homes, with 31% of those who purchased a home last year doing so because they found their ideal property. Furthermore, 66% of homeowners planning to sell in the future aim to relocate to a different city, state, or country.
Jason Waugh, president of Coldwell Banker Affiliates, noted that while some consumers have achieved their dream homes, others are seeking new opportunities. He encourages those still searching for their ideal home to consult with a real estate agent for local guidance and advice.
Market sentiment remains optimistic, with 56% of consumers believing the real estate landscape will improve or remain stable in 2024. Key findings include:
* 39% of consumers planning to sell would move to a different city after selling, up from 19% in 2022.
* Social media influences home preferences for 43% of consumers, with 73% of luxury consumers citing its impact.
Social media platforms like TikTok and Instagram significantly shape homebuyers' desires, particularly among younger generations. Ideal home preferences vary widely, with no single formula emerging from the data. Financial dynamics also shift across generational and racial groups, with younger respondents and certain minority groups more likely to provide financial support for their children's first homes.
As the real estate market evolves, Coldwell Banker Real Estate remains a steadfast partner, providing expertise and guidance to navigate its complexities. With optimism, generational differences, and changing preferences shaping the landscape, real estate agents emerge as essential guides in helping consumers find their dream homes.
