{"id":2169,"date":"2024-03-18T06:00:00","date_gmt":"2024-03-18T11:00:00","guid":{"rendered":"https:\/\/tomo.com\/blog\/?p=2169"},"modified":"2024-03-14T17:22:35","modified_gmt":"2024-03-14T22:22:35","slug":"real-estate-trends-march-2024","status":"publish","type":"post","link":"https:\/\/tomo.com\/blog\/real-estate-trends-march-2024\/","title":{"rendered":"What really matters to home buyers? 5 trends in March 2024"},"content":{"rendered":"\n<p>A few weeks ago we launched a pretty breakthrough bit of technology\u2014a new kind of home search engine, powered by ChatGPT and some clever engineering. It allows people to type in what really matters to them in their next home, rather than the basics like location, price, beds and baths.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>We analyzed the first 2,800 searches to get a unique glimpse of what really mattered to people but they couldn\u2019t uncover through conventional search methods on other platforms. My personal favorite is the person in Texas who wanted \u201can orange tree in the backyard.\u201d ? (And, here&#8217;s the <a href=\"https:\/\/tomo.com\/property\/3730-crescent-dr-pearland-tx-77584\/id-3024609318\">first result <\/a>for a search like that. You get an orange tree and two apples.)<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>So, here&#8217;s what we learned (so far) about what people really want in their home.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>1. HOA? Hard no<\/strong><\/h3>\n\n\n\n<p>First up, many homeowners are saying &#8220;no&#8221; to Homeowners Associations (HOAs). In fact, our data shows a lot more people looking for \u201cno HOA\u201d than other HOA-related searches (e.g., \u201clow HOA fees\u201d). So far, &#8220;no HOAs&#8221; has emerged as one of the largest searches on the platform, representing 2.3% of all searches\u2014and as high as <a href=\"https:\/\/tomo.com\/miami-fl\" title=\"\">5% of all searches in Florida<\/a>.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>Clearly, the bad press about HOAs over the last year is leaving a mark. John Oliver\u2019s <a href=\"https:\/\/www.youtube.com\/watch?v=qrizmAo17Os\">highly critical take on HOAs<\/a> last year generated about 6.4M views on YouTube, for example, and just about every day new stories emerge of people struggling with a policy in their neighborhood. It\u2019s not surprising that, as <a href=\"https:\/\/today.yougov.com\/economy\/articles\/48039-how-americans-view-hoas-and-their-influence\">YouGov reported<\/a> last December, 61% of people in the US would prefer a home without an HOA\u2014compared to only 14% who would want an HOA. And, perhaps even more telling, among people who <em>currently<\/em> live in an HOA neighborhood, the majority would prefer a home without one.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Thankfully, you can finally <\/strong><a href=\"https:\/\/tomo.com\/homes\" title=\"\"><strong>search for homes without an HOA<\/strong><\/a><strong>.&nbsp;<\/strong><\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>2. Your very own backyard sanctuary<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>Forget extravagant kitchens or lavish pools; what people are really after is a bit of land or a great yard. Surprisingly, 16% of people search specifically for properties with a focus on the yard, surpassing searches for other desirable home features like pools, great lighting, or specific architectural styles.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>From envisioning a serene spot by a stream to dreaming of picking oranges from your own trees, the yard reigns supreme in the minds of home seekers in March. Over 2% specifically express a desire for extra privacy and seclusion and 1% of all searchers even detail specific fantasies of a cozy little retreat in the woods. It&#8217;s clear that for many, the allure of their own outdoor space is irresistible. Or maybe we&#8217;ve all just been cooped up inside for too long.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>3. A garage is a draw, not a parking spot<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>Move over, kitchen renovations\u2014the garage is stepping into the spotlight. A surprising 14% of people specifically detail their garage requirements in their searches, whether it&#8217;s ensuring enough space for a beloved high-rise truck or carving out a corner for woodworking projects. In many cities, the garage may even come at a premium, underscoring its importance in the home buying process. Atlanta home shoppers, for example, were 23% more likely to mention a garage in their searches.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>4. Retirement-friendly homes are hot<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>As more and more Boomers enter retirement age, and maybe start exploring the down-size or second homes in the Sun Belt, we see strong demand for accessible, retirement-friendly homes.&nbsp;<\/p>\n\n\n\n<p>Interestingly, more people prioritize single-floor homes or those with a first-floor master bedroom over popular architectural trends. Approximately 4% of all searches are geared towards finding homes suitable for aging in place. However, the quest for age-friendly options isn&#8217;t without its challenges, with complexities arising from 55+ communities causing some frustration among home seekers.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>5. Investment opportunities are in-demand<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>If you\u2019re looking for an investment property, you probably have a few key features in mind that don\u2019t usually pop up on other home search websites: things like whether there\u2019s current renters, or maybe even a listing with \u201cAirBNB potential.\u201d&nbsp;<\/p>\n\n\n\n<p>So it\u2019s not surprising that 11% of searchers are specifically seeking cash-flow properties. And, with more first-time buyers sitting on the sidelines and big investment firms <a href=\"https:\/\/www.wsj.com\/real-estate\/for-property-investors-the-price-of-homes-is-still-not-right-e6ab67c8\">pulling back in the last year<\/a>, it could be a good time for smaller-scale investors to get in the game.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Bottom line<\/strong>&nbsp;<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>It\u2019s still early, so we\u2019ll keep an eye on these trends and update our findings as new patterns in the data emerge. Open-concept home designs, for example, are showing a high demand in some markets\u2014a feature that might make or break someone\u2019s purchase decision.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>If you have any questions you\u2019d like us to explore, don\u2019t be shy: drop a little comment below.<\/p>\n\n\n\n<p><\/p>\n\n\n<div style=\"padding-top:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);margin-top:var(--wp--preset--spacing--30);margin-bottom:var(--wp--preset--spacing--30);margin-left:var(--wp--preset--spacing--30);margin-right:var(--wp--preset--spacing--30);\" class=\"has-link-color wp-elements-0a40a7ffb3916b1288c91f2709dc9f20 wp-block-post-author has-text-color has-contrast-color has-background has-tertiary-background-color\"><div class=\"wp-block-post-author__avatar\"><img decoding=\"async\" width=\"96\" height=\"96\" src=\"https:\/\/tomo.com\/blog\/wp-content\/uploads\/2025\/01\/Will-headshot-1-96x96.webp\" class=\"avatar avatar-96 photo\" alt=\"\" srcset=\"https:\/\/tomo.com\/blog\/wp-content\/uploads\/2025\/01\/Will-headshot-1-96x96.webp 96w, https:\/\/tomo.com\/blog\/wp-content\/uploads\/2025\/01\/Will-headshot-1-150x150.webp 150w, https:\/\/tomo.com\/blog\/wp-content\/uploads\/2025\/01\/Will-headshot-1-24x24.webp 24w, https:\/\/tomo.com\/blog\/wp-content\/uploads\/2025\/01\/Will-headshot-1-48x48.webp 48w, https:\/\/tomo.com\/blog\/wp-content\/uploads\/2025\/01\/Will-headshot-1-300x300.webp 300w\" sizes=\"(max-width: 96px) 100vw, 96px\" \/><\/div><div class=\"wp-block-post-author__content\"><p class=\"wp-block-post-author__name\">Will Begeny<\/p><p class=\"wp-block-post-author__bio\">As VP, Will leads editorial, market research, trend analysis for Tomo. A writer who studied statistics, he spent the last few decades looking for patterns in data to answer questions about culture, consumer behavior, and business, previously as the global head of Meta&#8217;s futurist initiative. He lives in the Hudson Valley with his family, dog, cat, and 5 chickens, in a house built by a pirate in 1730.<\/p><\/div><\/div>\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>We analyzed what people typed into our new, AI-assisted home search engine to see what really mattered to buyers. Five strong trends emerged in March.<\/p>\n","protected":false},"author":25,"featured_media":2170,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[58],"tags":[],"class_list":["post-2169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-trends"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/tomo.com\/blog\/wp-content\/uploads\/2024\/03\/backyard-family-jpg.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/2169","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/comments?post=2169"}],"version-history":[{"count":4,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/2169\/revisions"}],"predecessor-version":[{"id":2178,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/2169\/revisions\/2178"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/media\/2170"}],"wp:attachment":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/media?parent=2169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/categories?post=2169"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/tags?post=2169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}