Neighborhood safety is the most important factor in choosing a new home, according to a new survey of California home buyers. Other top concerns include walk-ability and quality of schools.
The survey of more than 1,200 recent buyers, conducted February through April by the California Association of Realtors, found that safety earned a rating of 8.5 on a scale of one to 10, where 10 is most important, for factors affecting the choice of neighborhood where a home was purchased.
Walk-ability was rated 6.5 on the neighborhood scale, followed by quality of schools (6.1), entertainment and cultural activities nearby (5.9), short commute to work (5.6), and great restaurants (5.5).
The survey also found that 85 percent of buyers believe their home is worth the price they paid for it.
Overall, 75 percent were satisfied with their purchase, while 13 percent said their new home wasn’t entirely ideal — it was the best one available amid a limited supply in a desired neighborhood. Another 12 percent said they bought the best home in an affordable neighborhood.
Buyers also reported significantly fewer troubles obtaining a home loan. Difficulty with financing was rated 4.1 on a 10-point scale in 2015, down from 7.1 in 2014 and 8.6 in 2013.
Real estate professionals assisted more than 90 percent of California home buyers, according to the survey, and their efforts were welcomed. Overall satisfaction with real estate professionals was rated 4.4 on a five-point scale in 2015, the highest rating in 10 years.
In fact, 85 percent of buyers in 2015 said they would work with the same real estate professional again — another decade-high score.
When buyers were asked in which part of the transaction they needed the most assistance, 43 percent said negotiating the terms of sale or the price, while 22 percent said finding the right home, and 15 percent said paperwork, followed by determining affordability (12 percent), and researching comparable homes to ascertain fair market value (11 percent).
When asked what they would change about the home-buying experience, 14 percent of buyers said they would like to have a better understanding of the real estate market. Another 9.1 percent said they wished the process was faster and easier, followed by additional assistance with mortgage approval (7.5 percent).
(Photo: Flickr/James Gaither)