How Pets Are Impacting Homebuyers' Decisions
With states lifting stay-at-home restrictions, potential homebuyers have been able to tour open houses and more people are considering leaving cities hit hard by the coronavirus for more spacious suburbs. Mortgage applications for the purchase of single-family homes were up 18 percent when compared to the same period last year, according to data from The Mortgage Bankers Association.
But what do recent home purchase trends have to do with pets?
Many pet parents take their animal companions into consideration when looking into buying a new home, according to recent surveys from the National Association of Realtors (NAR). NAR found that 66 percent of households in the United States have a pet or plan to get one in the future and that 43 percent of households would be willing to move in order to accommodate their pet.
In making decisions about where to live, 68 percent of realtors’ clients said that animal policy influenced their decision to buy or rent in a particular community. In addition to pet fees for apartments and townhouses, pet parents took other factors like backyard size, whether the yard was fenced in and the home’s flooring into consideration when deciding on a new home. The surveys also showed that 18 percent of recent home buyers said it was very important that their new neighborhood was convenient for visiting a vet and/or outdoor space for their pets.
These recent results from the NAR surveys shed further light on the importance pets have in their owners’ lives. As more Americans search for new homes away from crowded urban centers, the needs of their animal companions may be taking greater priority.