HINTS FOR HOME BUYERS
Location, Location, Location:
New Survey Reveals Top Neighborhood Priorities
(NAPSI)—Anyone who’s watched popular house-hunting shows knows such features as walk-in closets and multiple bathrooms are repeatedly named “must-haves” by home buyers.
It turns out, however, the old adage “location, location, location” is as true as ever when it comes to what homeowners really want.
In fact, according to the latest independent survey from Ally Home, the direct-to-consumer mortgage unit of Ally Financial Inc., the feel of a community, its “vibe,” is a critical component for home buyers. Fully 88 percent of Americans surveyed said a neighborhood’s vibe plays an important role in deciding where to live—and nearly half say it’s extremely important.
“The home-buying process can feel overwhelming at times, and it can be easy to lose sight of the important factors,” said Diane Morais, President of Consumer & Commercial Banking Products at Ally Bank. “If consumers think ahead of time about the characteristics of their ideal neighborhood—whether it’s an area with a close-knit community, a place that’s walkable to stores or restaurants, or even a neighborhood with strong cell phone coverage—it can help put them in a stronger position to find that perfect home.”
Sure, a home’s price and its physical location are important considerations. But as a homeowner, it’s essential that your tastes and lifestyle align with those of your community. The survey found four out of five Americans agreed. Nearly three-quarters would be willing to settle for a smaller house or pay a little more than originally intended to reside in their perfect neighborhood.
So what are the characteristics that comprise the ideal neighborhood vibe?
Millennials make up more than a third of today’s home buyers, according to the National Association of Realtors’ 2018 Home Buyer and Seller Generational Trends Report. Almost 30 percent of millennials seek a modern community where they can walk to everything, including reasonably priced bars, restaurants and coffee shops.
Millennials are even willing to swap curb appeal for great schools nearby for their kids (or future families) and strong Internet and cell phone service so they can stream their favorite shows without buffering interruptions. And, despite their reputation, millennials’ ideal community doesn’t need to include an organic market or a juice press.
Home buyers of all ages are attracted to pleasant locales, with 36 percent of respondents interested in a safe community with friendly people. Another 21 percent prefer a family-centric neighborhood vibe, where families live in close proximity to one another and socialize frequently as a community.
Perhaps surprisingly, while Americans like their cultural centers, they’re not neighborhood must-haves for most. The survey found just 15 percent are interested in having cultural attractions such as museums, historical sites, or theaters nearby. And less than 10 percent prioritize a great selection of retail shops and an upscale urban setting.
Visit https://www.ally.com/do-it-right/home/whats-your-ideal-neighborhood-vibe/ to take a short quiz to reveal your personal neighborhood vibe.
For further facts on home buying, go to www.ally.com.
“An independent survey from Ally Home, the direct-to-consumer mortgage unit of Ally Financial Inc., found a community’s “vibe” is a critical component for home buyers. http://bit.ly/2xExfTs”
Many home buyers believe the road to their dream house starts in a neighborhood that suits their style.
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