COVID-19 may lead more prospective buyers to purchase a home sooner rather than later.
A recent LendingTree survey discovered that more than half of potential buyers (53%) said that they will buy a home in the next year, due to the impact of COVID-19 on mortgage rates, as well as their own budget. Those surveyed claimed they are spending less, 32% off them, claiming they are spending less and are able to save more for costs associated with home buying. First-time buyers and millennials, at 73% and 66% respectively, are more likely to feel this way. I wonder how many of them were stuck at home with their parents and quarantine pushed them over the edge.
However, COVID-19 may be making buyers think about how much they put in their housing budget. Forty-four percent of prospective buyers said they will spend less on a house than they had originally planned, while 21% now plan to spend more. Of those who plan to spend more, 28% of first-time buyers say they’ll buy a more expensive home, while 17% of repeat buyers felt the same way.
Technology is continuing to assist buyers in finding their new properties in today’s world. Sixty-one percent of buyers have done a virtual tour for a home over the past two months. Another one-third of buyers said they plan to do a virtual tour. And 30% of buyers reported they would purchase a home without looking at it physically.
Yet, with record low mortgage rates, 44% of buyers are concerned about qualifying for a mortgage, including more than half of first-time buyers and millennials.
However, 20% of buyers said they were less likely to buy a home due to COVID-19. Economic uncertainty is the top reason cited by those surveyed. Lack of in-person showings and a loss of income were two other reasons buyers felt hesitant.
MAKE AN APPOINTMENT WITH GREG BROADBENT TODAY! WE WILL ACCOMMODATE YOU ON VIDEO OR IN PERSON!
List Your Home With Greg Broadbent
If you are interested in listing your Mystic CT real estate, Groton CT real estate, Ledyard CT real estate, or Stonington CT real estate, give the team at Greg Broadbent Real Estate a call. We are awarding winning local real estate agent in Mystic CT, real estate agent in Ledyard CT, real estate agent in Groton CT, and real estate agent in Stonington CT. We are your local real estate agent near me and a top real estate agent.
Company Name: Greg Broadbent Real Estate
Contact Person: Steve Bibby
Email: Send Email
Phone: (860) 460-6939
Address:27 Coogan Blvd #1b
Country: United States