GAINESVILLE, Fla. — Some homebuyers want to live near the best schools and shopping. Others favor houses that look gorgeous from the outside. Still others are motivated by the house’s cleanliness. But a University of Florida housing specialist found multiple types of homebuyers and what lured them to buy homes after the housing bust.
That data could help Realtors and people trying to sell their own homes.
While real estate remains largely focused on “location, location, location,” post-housing-bust homebuyers fall into four categories and five sub-categories, said Randy Cantrell, an assistant professor in the Department of Family, Youth and Community Sciences at UF’s Institute of Food and Agricultural Sciences.
A few years ago, a South Florida Realtor asked Cantrell what compelled people to buy homes after the most recent real estate boom-turned-to-bust, defined as any time after 2008. Since 2008, potential homebuyers have competed for mortgages typically reserved for those with credit scores of at least 680 – out of a maximum of 850 — and riskier mortgages are no longer available, Cantrell said.