With more work flexibility, home owners are seeking new places to live that offer affordability over other priorities.
The long time mantra of location, location, location is becoming obsolete as home buyer priorities shift toward more affordable housing. In a recent COGNITION Smart Dive survey, more than 70% of home buyer respondents said that they would move to find a more affordable home.
While some would move farther than others, the sentiment is the same, being able to afford a home comes first. More than 38% of buyers would relocate to another state nearby. Another 15% would move to an entirely new region of the country, and close to 17% would move anywhere in the U.S. Finally, 5% would move outside of the country.
Remote work is enabling the ability for buyers to be more mobile as they look for more attainable housing options.
What could this mean for your strategy? Depending on the type of home you are building, it might open marketingup to a whole new audience beyond local buyers. Entry level buyers or even long time homeowners looking to downsize show that they are willing to be mobile across big distances.
Where is your messaging focused now and how can you adjust to be sure that you are speaking to all prospective buyers?
Jennifer Castenson currently serves as the vice president of COGNITION Smart Data and market analytics at Green Builder Media. She also serves as contributing writer to Forbes, reporting on innovation in the built environment.
Home Buyers Are No Longer Limited By Geography
With more work flexibility, home owners are seeking new places to live that offer affordability over other priorities.
The long time mantra of location, location, location is becoming obsolete as home buyer priorities shift toward more affordable housing. In a recent COGNITION Smart Dive survey, more than 70% of home buyer respondents said that they would move to find a more affordable home.
While some would move farther than others, the sentiment is the same, being able to afford a home comes first. More than 38% of buyers would relocate to another state nearby. Another 15% would move to an entirely new region of the country, and close to 17% would move anywhere in the U.S. Finally, 5% would move outside of the country.
Remote work is enabling the ability for buyers to be more mobile as they look for more attainable housing options.
What could this mean for your strategy? Depending on the type of home you are building, it might open marketing up to a whole new audience beyond local buyers. Entry level buyers or even long time homeowners looking to downsize show that they are willing to be mobile across big distances.
Where is your messaging focused now and how can you adjust to be sure that you are speaking to all prospective buyers?
You can reprint this blog. Simply include this link with your attribution.
Learn more from COGNITION Smart Data to drive your strategy. Use it to make decisions that meet the market where they are with products, messaging and innovation. Subscribe to COGNITION Smart Data.
By Jennifer Castenson
Jennifer Castenson currently serves as the vice president of COGNITION Smart Data and market analytics at Green Builder Media. She also serves as contributing writer to Forbes, reporting on innovation in the built environment.Also Read