75% of homebuyers surveyed claimed the pandemic adjusted their options: 25% boosted their timelines, twenty% slowed their timelines and 17% now want a fewer highly-priced dwelling.

SEATTLE – A few-quarters of homebuyers who approach to obtain a dwelling within the next 12 months say the coronavirus pandemic has impacted their homebuying options: 25% claimed it induced them to shift or speed up their timeline, twenty% claimed it induced them to hold off relocating options and 17% are now seeking for a fewer highly-priced dwelling. Especially:

  • sixteen% claimed the pandemic has induced them to want to shift
  • fifteen% claimed it induced them to shift faster than initially prepared
  • six% chose both equally solutions

“Somewhat counterintuitively, the coronavirus-pushed economic downturn is propping up the housing marketplace,” says Redfin Chief Economist Daryl Fairweather, creator of the latest review. “Homebuyer desire is surging despite GDP getting a historic nosedive in the next quarter, largely due to the fact People in america price the dwelling additional than ever and are ready to prioritize housing even as they slice again on other charges. Furthermore, the Fed is using very low desire prices to stimulate the economic climate, which is offering purchasers additional paying for electrical power and boosting dwelling revenue.”

Property tastes

  • 21% want a selected area to perform from dwelling
  • 21% want additional outside place
  • ten% of respondents now want a more substantial dwelling
  • 7% want a selected place for little ones to study from dwelling

Why adjusted options?

  • Of folks setting up to shift, fifty five% claimed very low property finance loan prices are a factor in their adjusted options
  • 52% claimed expending additional time at dwelling is a factor
  • 40% claimed operating from dwelling contributed to their want to shift

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