Nearly 80% of potential buyers are willing to get creative when it comes to purchasing a home.
A new survey from RE/MAX found that homebuyers burdened by unaffordable listings and high interest rates are willing to consider atypical options to buy a home in the next 12 months.
Those options include purchasing a home two or more hours away from the workplace and signing up for a super commute, buying a multi-family home, and moving into a tiny home.
Purchasing a home in need of remodeling, for either cosmetic or structural reasons, is the most popular option with 56% of buyers saying they would buy a fixer-upper.
Millennials in particular see buying a house in need of repairs as a win-win, both for affordability and personalization.
Of the potential buyers surveyed, 13% would consider commutes of two or more hours to work. Some Americans are embracing long hauls to and from the office because of the rise in hybrid work. Despite the physical toll, many say the tough rides lead to better work-life balance and savings.
More than a quarter of consumers, 28%, would consider buying a multi-family home in order to divide the mortgage payment between themselves and tenants.
And 39% of survey respondents said they would consider moving into a tiny home or prefabricated home.
Affordability is the main driver behind this trend. Of respondents who said they would buy a fixer-upper, 73% said they would do it in order to pay less for a home.
“Affordability remains a key concern for homebuyers as home prices, interest rates, and inventory continue to fluctuate,” Nick Bailey, President and CEO of RE/MAX, LLC, said in a statement.
“Despite today’s economic environment, it’s clear that homeownership is still a priority for many, and the results of our survey prove that buyers are willing to go outside their comfort zone to reach their goal.”
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