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FYI: Reasons More Home Buyers are Willing to Purchase in the Next 12 Months

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

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