What’s New In 2022 For Buyers?

Buying a home is no small accomplishment, especially in
recent times. Over the decades, agents have seen buyers’
circumstances and priorities change. Some trends slowly
evolve while others hit hard and fast.

The most recent significant shift appeared in the form
of a sudden, life-altering global pandemic. Its impact on
homebuyers has been strongly evident over the past
two years and will undoubtedly continue to shape buyer
trends and preferences.

When homebuyers decide where they want to live, some
factors are more important than others. The pandemic has
undoubtedly rearranged many buyers’ priorities. While the
quality of the neighborhood is still buyers’ top priority by a
substantial margin, other considerations have changed.
Finding a home that’s close to friends and family moved
into the second spot, gaining four percentage points in
two years.

The prevalence of remote work diminished the
importance of commuting for many buyers, prompting
this factor to decline four percentage points since the
pandemic emerged.

Despite a rapid escalation in home prices, buyers ranked
the overall affordability of homes five percentage points
lower in 2021 versus 2019.

However, single buyers and married couples were
substantially more likely to be concerned about
affordability (44-45% of these respondents prioritized
this factor) than married couples (36%).

Other trends have evolved more slowly, in tandem with
underlying societal shifts. For four decades, NAR has been
tracking and analyzing consumers’ behavior and attitudes in
its annual Profile of Home Buyers and Sellers.

Source: NAR Profile of Home Buyers and Sellers & “5 Significant Ways Buyers Have Changed,” by REBAC Staff