The flood data includes an estimate of a home’s FEMA flood zone as well as Flood Factor TM, comprehensive flood risk data displayed at the property level in the form of a score, ranging from 1 (minimal risk) to 10 (extreme risk) powered by the First Street Foundation. Now, flood data, available on ® will enable buyers to consider the flood risk of a location when thinking about their home purchase. New Flood Data Adds an Extra Dimension for Shoppers and for Research Neighborhood information, from school search to local grocery stores is available, and lets you get a feel for the neighborhood without strolling the block yourself. The number of bedrooms and bathrooms has always been relatively easy to come by, but now digital pictures, floorplans, and 3D virtual tours enable you to remotely get a feel for the finishes and layout of a room without having to visit. Real estate agents and information websites such as ® have revolutionized the amount of information available to buyers so that a variety of factors can be known and considered. One key assumption underlying this theoretical model is that buyers have lots of information about properties to make good decisions. You’ve got to know – Information is Necessary The idea that they may be able to go into the office less often in the future likely also plays a role. Homes in the suburbs tend to offer more space, which has become increasingly desirable. After months staying at home to prevent the spread of COVID, home shoppers are expressing more interest in suburban areas. And big-picture events can shift preferences, too. As they get older and have young children, the same person may instead want a little more privacy and space. A young man or woman may prefer a downtown condo or apartment a quick walk from restaurants and bars. Preferences also often vary for the same individual over time. Some people like more urban, walkable areas versus a home with more privacy. Your Walkable Dream is my Nosy Neighbor Nightmare – Preferences Varyĭifferent people prefer different things. For example, a home that’s walking distance to a pharmacy or sandwich shop would be a plus for many, while a home far from the office might be a negative. They’ll also try to think about pros and cons of the location. When it comes to choosing one home over another, they’ll factor in the prices of each home and also its features-things like the number of bedrooms, bathrooms, but also harder-to-measure things like the view or the quality of the finishes and fixtures in the home. They think about the benefits they’ll accrue from owning a home against the costs and alternatives and make the best decision given those options. How Buyers Shop for a Home – Economic PerspectiveĪs we discussed when rolled out its noise data feature, economic theory suggests that home buyers approach the process rationally 1. This has implications for how buyers approach the home buying process and will enable additional future research on how home buyers consider this factor in their home search. Today, ® announced the addition of new home flood risk data to its home shopping experience.
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