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.