Pets influence home buying decisions

“You treat me like a dog,” is probably not a very effective complaint anymore. 

When it comes to homeowners, the vast majority treat their dogs, and the rest of their furry friends, very well. 

Pets were a $60 billion industry in 2015, and it’s a marketplace that’s virtually recession-proof. Even as personal spending dipped in almost every category from 2008 to 2011, spending on pets remained stable. 

According to a recent survey by the National Association of Realtors, if a home doesn’t work for their pet(s), its family is often not interested. When someone buys a home, they buy with the needs of their whole family in mind.

And nearly all pet owners (99 percent) consider their animals an important and beloved part of their family. It is estimated that homeowners spent three times as much on their animals as renters in 2015. 

Millennials list pets as a Top 3 factor in their home buying decision – surpassing both marriage and children. 

When finding a home, 95 percent of animal owners believe it is important that a housing community allows animals and 81 percent of U.S. households say that animal-related considerations will play a role in deciding on their next living situation. 

A third of prospective home buyers reported refusing to make an offer on a home because it was not ideal for their pets. 

A full 12 percent said they left a previous living situation because it negatively impacted their pet. 

Naturally, dog owners look for fenced yards, but pet owners also consider:

  • Nearby trails
  • Pet doors
  • Dog parks and dog-friendly parks
  • Cat condos, and wide windowsills
  • Pet-friendly HOAs

Fifteen percent of all buyers said that convenience to vets and/or outdoor space for their pet was a critical factor in determining where they wanted to purchase their home. That number rose to 20 percent for unmarried couples. 

Real estate agents need to be aware of the importance that animals in the home have for families across the United States, including how pets and animals impact the buying and selling decisions of renters and home owners.

Article is from Bay Equity Mortgage Newletter