Three-quarters of homebuyers say the coronavirus pandemic has impacted their home buying plans. With the uncertainty plaguing pretty much all of society, people are rearranging and rescheduling their move-in dates, etc. Furthermore, one-quarter of homebuyers said it has caused them to move and/or speed up their moving timeline.
Word on the street is that the pandemic has actually caused people to want to move entirely. We’ve tracked that homebuyers want to move to smaller towns to avoid those big urban area clusters. On top of that, buyers have also begun rearranging their move-in dates in order to move sooner than originally planned. Of course, there are those who have delayed their moving plans as well as others who decide to look for a less expensive home, which also moves the schedule around.
Retail, tourism and food and beverage may have seen a decline during the second quarter of the year, but that hasn’t stopped people from buying houses. This is because more and more Americans are starting to see the value of home ownership and are willing to prioritize owning a home over other expenses. They're looking for a place to keep their family safe as the world continues to turn. Add in historically low interest rates (which help stimulate the economy) and you’ve given the home buyer more purchasing power than ever before, which is boosting home sales as well.
When it comes to home preferences, the pandemic’s most common impact on homebuyers is a desire for the right space. This means more work from home capability, more outdoor relaxation space, and even a space for children to learn from home. A lot of people feel that their apartments or even townhomes are much too small and they can no longer delay that new home purchase so they have chosen to just jump in.
At Verity, we’ve seen and experienced the uptick in home purchases. We’ve been busier than ever getting homebuyers into their new place quickly and efficiently. If you’ve decided to move sooner than originally planned, contact us today!!