In a survey conducted by Redfin of more than 1,000 people who are planning to buy a home in the next 12 months, three-quarters say the coronavirus pandemic has impacted their home buying plans and one-quarter have said the pandemic caused them to move or speed up their moving timeline.
According to Redfin, sixteen percent of respondents said the pandemic has caused them to want to move and 15% said it has cause them to move sooner than originally planned. Because respondents were able to choose more than one impact, when accounting for homebuyers who chose one or both of the aforementioned options, a total of 25% of respondents reported that the coronavirus pandemic has caused them to want to move or speed up their moving timeline. On the other hand, 20% of respondents noted that the pandemic caused them to delay their plans and 17% stated that they are now looking for a less expensive home.
What are the driving forces for people who are moving for pandemic-related causes? 55% of those who said the pandemic is causing them to more or move sooner said low mortgage rates are a factor in their changed plans. Fifty-two percent said spending more time at home is a factor, while 40% said working from home is part of their desire to move.
When Redfin's survey was fielded, the average 30-year mortgage-interest rate was 2.98%, which was the lowest in history until that. time. Despite high unemployment and a shaky economy, the large amount of Americans looking to move as a result of the pandemic is one factor in why the housing market is doing so well. Those who are delaying plans to move, meanwhile, are most impacted by economics, which 45% of those respondents stating financial worries as a factor in why they decided to change their plans.
For more information about the study and how homebuyers plans have been impacted by COVID-19, see the full article by Redfin here.
What are the driving forces for people who are moving for pandemic-related causes? 55% of those who said the pandemic is causing them to more or move sooner said low mortgage rates are a factor in their changed plans. Fifty-two percent said spending more time at home is a factor, while 40% said working from home is part of their desire to move.
When Redfin's survey was fielded, the average 30-year mortgage-interest rate was 2.98%, which was the lowest in history until that. time. Despite high unemployment and a shaky economy, the large amount of Americans looking to move as a result of the pandemic is one factor in why the housing market is doing so well. Those who are delaying plans to move, meanwhile, are most impacted by economics, which 45% of those respondents stating financial worries as a factor in why they decided to change their plans.
For more information about the study and how homebuyers plans have been impacted by COVID-19, see the full article by Redfin here.
