Is it still location location location?
Is the changing face of the property market changing the emphasis of homebuyer ‘choice’ these days – or, in other words, is it still location location location location that’s key?
Paul Ainsworth Lord, of fastest selling Darwen estate agent, Ainsworth Lord Estates, suggests homebuyer choices and influences on his ‘beat’ are certainly governed by different factors nowadays.
Practicality to the fore
Explains Paul,”Our experience is that the focus on location is perhaps less than it was. Of course,people on the move know the areas that are ‘hot’ for sure, but, in these tough financial times, practicality is prevailing.
It’s the basics that count
People know that their often limited mortgage potential means they have to first respond to the basics – the space they need, a garden and the layout and the parking before they can only reach out for that desired location. It can be tough to persuade a lender to put up extra lending cash that’s needed because a property happens to be in a particular street or town.
Also, all too often the tough valuations with us now concentrate more on the bricks and mortar and space aspects of properties than the variable location proximities of wine bar, admired boutique shops or trendy health spa and gym.
All that being said, how quickly do people decide on their choice of home. Rightmove indicates the majority of homeowners make their buying decision by the end of a first viewing.
Immediate attraction perhaps..but..
Adds Paul, “There’s often an immediate attraction and impact made by a home. But I’d say it does often tend to take a good few viewings in our local area and indeed across the Region before buyers take the plunge.
The thing is there’s more houses to choose from so on the spot gut reaction decisions are less required at the moment. Also, with finance being as it is and families chipping in to help with the deposit and so on, the decision often involves follow up visits and even joint decisions.”
In the hallway
The love at first sight stats suggests, according to Rightmove, that 29% of people had fallen for their current ‘pad’ before they had got any further than the hallway. Among renters the figure was 27%.
Only 6% of buyers had made it through two viewings before deciding that a property should be their home. Some properties shout ‘look at me’ from the moment you park up and it can go on having this immediate approval despite there being a certain amount of issues about the home that are less than ideal.
There’s also those who might go back for reassurance several times. In fact some apparently may not really take to their new home deep down until they have moved in and settled and ‘lived’ with it for a while!
Added Paul, “For many around here, if it ticks the affordable and the ‘yes we can get it’ boxes in the current tough market that balances out the less ideal aspects of an intended purchase. Perhaps that’s a shame – but overcoming pressures and setbacks so often occurring right now as people try to get on the move, also offers an excitement and a real satisfaction too – slightly different perhaps, but still very much the case for sure.
Seeing my buyers outwit the vagaries of the current market certainly ‘does it’ for me every time! I suspect it’s also the same too for each and every relieved buyer at the moment, who needs to move and finds they can do,” adds Paul..