75% of homebuyers surveyed explained the pandemic transformed their programs: 25% boosted their timelines, twenty% slowed their timelines and 17% now want a significantly less high priced property.
SEATTLE – 3-quarters of homebuyers who system to get a property in just the future 12 months say the coronavirus pandemic has impacted their homebuying programs: 25% explained it prompted them to shift or velocity up their timeline, twenty% explained it prompted them to hold off relocating programs and 17% are now seeking for a significantly less high priced property. Especially:
- sixteen% explained the pandemic has prompted them to want to shift
- 15% explained it prompted them to shift quicker than initially prepared
- 6% selected both of those possibilities
“Somewhat counterintuitively, the coronavirus-driven recession is propping up the housing market,” states Redfin Chief Economist Daryl Fairweather, author of the current research. “Homebuyer demand is surging regardless of GDP getting a historic nosedive in the next quarter, mainly mainly because Individuals worth the property more than at any time and are prepared to prioritize housing even as they cut back again on other bills. Moreover, the Fed is working with lower desire premiums to promote the economic system, which is giving customers more paying for electrical power and boosting property gross sales.”
- 21% want a selected place to do the job from property
- 21% want more outdoor house
- 10% of respondents now want a greater property
- seven% want a selected house for kids to find out from property
Why transformed programs?
- Of men and women scheduling to shift, fifty five% explained lower property finance loan premiums are a variable in their transformed programs
- fifty two% explained shelling out more time at property is a variable
- forty% explained operating from property contributed to their drive to shift
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