A study done by REMAX of 1,000 individuals shows that 80% of buyers that plan to purchase in the next 12 months have adjusted their homebuying plans due to the current market. Let me break down what these homebuyers are willing to do:

• Purchasing a fixer-upper—a property in need of remodeling either for cosmetic or structural reasons (56%)
• “Super commuting”: buying a home two or more hours from where you work to afford it (13%)
• Purchasing a condo, attached home, or townhome (28%)
• Purchasing a multi-family home: a property occupied by the owner and additional non-owner tenants (28%)
• Borrowing with a down payment of less than 20% (34%)
• Purchasing a home with family or friends (28%)
• Purchasing a home with all-cash, as in, without a loan (21%)
• Borrowing money from family or friends (17%)
• Purchasing a tiny home or prefabricated home (39%).

Fixer-Uppers

Consumers feel that a fixer upper will allow them to buy at a lower cost, make location more flexible, and allow them a clean slate. 90% of those surveyed would also consider a foreclosed home to purchase.

Tiny Home/Prefabricated Homes

Eighty-two percent would purchase it as a more affordable option.
• Fifty-eight percent wanted less property to maintain
• Twenty-three percent indicated that they prefer tiny homes over other housing options.

Down Payment of Less Than 20%

76% said this is what they can comfortably afford while 20% of those do not expect to put a down payment.

Multi-Family Home

61% want to own an investment property

47% want to live on same property with family or friends without sharing living space

Condo, Attached Home, or Townhome

This option was considered due to lower maintenance costs, affordability

Purchasing With All Cash

Considering this option allowed buyers to avoid high mortgage rates, not doing through the process of obtaining a loan, and standing out amongst competition.

“Super Commuting”

13% responded they would be willing to commute more than 2 hours away if that meant flexible location, affordability and keeping their career.

As always, whether you plan on going with one of these options or traditional housing and loan; talk with a trusted real-estate agent for their wisdom in this changing market.