The pet influence on housing decisions

The impact of pets on the real estate market.
The popularity of pets throughout the pandemic has had a big impact on the real estate market.

The pandemic has certainly brought upon a surge in the number of Americans moving to new locations. Low mortgage rates along with the work-from-home model being adopted by many employers has provided the opportunity for many to relocate. With many Americans spending more time at home, we have also seen pet purchases and adoptions rise to record levels. According to the Census Bureau, about half of U.S. households have pets. In 2020, owners spent an average of $1,201 on dogs and $687 on cats, according to Statistica. A 2020 Realtor.com® survey found that a majority of pet owners consider their animals’ needs before making a home purchase. Needless to say, pets are a significant factor in the home buying and selling process.

The pet factor

With more Americans having pets in their household, home sellers should consider this in their marketing efforts. Recent home sale trends have shown that certain pet-friendly features can contribute to a higher sale price or faster-than-expected sale. For example, homes that advertise a doghouse in their listing description can sell for 3% more than expected. In addition, homes with a fenced backyard have been selling approximately 5 days faster than homes without fenced backyards.

Summary

Nearly three-quarters of homebuyers reported having at least one pet this year. This is up nine percentage points from the previous year, therefore making the pet factor more important than ever in the real estate market. Among renters, pet ownership rose to 57% in 2021 as compared to 51% in 2020. While pet-friendly features in the home are extremely important for many of today’s home buyers, it is equally important for sellers to maintain a clean home that is free from any strong pet odors for showings. Homes that have a strong pet odor can be one of the most common reasons for buyers to keep looking for a different home to purchase.

At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!

By natasha moore

REALTOR® with Live South Florida Realty, Inc.

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