Even with COVID-19 here are the reasons more buyers are willing to purchase in the next 12 months:
- Take advantage of historically low mortgage rates
- Have been able to save more for down payments due to reduced spending during Sheltering-in-Place
- In some areas home prices have dropped
- Being stuck in a small space has increased desire to purchase even more, and sooner
This is especially true for first-time homebuyers (73%) and Millennials (66%)
44% want to buy a less expensive home, while 21% want a more expensive home than originally planned.
3 out of 10 buyers say they would purchase a home without physically touring the home and property.
However, 1 in 5 surveyed say they are less likely to buy in the next year due to the following:
- economic uncertainty
- loss of income
- inability to tour homes in person due to social distancing protocols
- Homebuying became less of a priority
- Down payment has been spent to pay for living expenses
- Fewer homes on the market to choose from
- Doubtful their current home will sell
Source: LendingTree survey of over 1,000 potential homebuyers