41% of Home Buyers Say They’re Willing to Go Over Budget
June 2, 2020
The perfect home often comes at a higher price than buyers initially expect. A new study from Lombardo Homes, a home builder in Michigan and Missouri, shows that 41% of more than 1,700 home buyers surveyed between Feb. 28 and March 6 say they’d be willing to go over budget by an average of $25,000 in order to get the home they want.
In addition to going over budget, buyers say they're also willing to make other compromises, such as the home’s layout, the age of the home or repairs needed, the size of the home, and an updated kitchen and bathroom. However, buyers say they're not willing to compromise on the architectural style of the home, the neighborhood, or the local school system, the survey found.
Once buyers decide on a home they want, they still may face deal-breakers along the way. One in three buyers surveyed say they’ve backed out of purchasing a home. The home inspection is the most common deal-breaker, leading to 34% of those canceled transactions, followed by 29% who say they changed their minds about the house itself, or 18% who ended up changing their mind about their budget.
Updated: March 05, 2021