Americans Are Still Optimistic About Buying
Cities may be putting more social distancing measures in place to control the spread of COVID-19, but physical distance is not lessening consumers’ views on buying a home in the future. A new survey released by Point2 Homes, an online real estate marketplace, shows that home buyer sentiment remains resilient despite the global pandemic.
Point2 Homes surveyed 2,900 visitors to its site from March 23 to 26 to learn their views on the short- and long-term impact the coronavirus will have on their home search. Researchers found the 45 to 54 age group is the most optimistic about buying at this time. Fifty-five percent of respondents said they are still looking to buy a home, regardless of the outbreak. Respondents over age 65, on the other hand, showed more reluctance. Twenty-seven percent of respondents over the age of 65 said they have halted any actions in purchasing a new home at this time.
Overall, 34% of respondents said they are determined to buy a home in the next six months, and 25% said they plan to over the next year, the survey shows.
Concerns over the coronavirus aren’t derailing many home buyers’ plans either. Forty-one percent of respondents said they have no major concerns about buying a home during this time. However, 31% said they do worry about their financial situation and how it might change what they can afford. Twelve percent also cited other issues, like worrying about the limited number of homes that will be available. Sixteen percent cited health and safety concerns over house hunting during this time.
Thirty-five percent of prospective home buyers said they were no longer actively searching for a home but keeping an eye on the market and waiting until the coronavirus outbreak comes to an end, the survey showed. Nineteen percent said they are determined to buy as soon as they find the right home.
More than a quarter of respondents said they’ve started looking for cheaper properties, while 42% of respondents said they haven’t made any changes to the homes they’re looking for, the survey shows.
Many are continuing their house hunt but using virtual tools to do it. Forty-four percent of aspiring buyers say they’ve put their focus on online tools to continue their search, such as putting more emphasis on property pictures, descriptions, and virtual tours.
“The reality at the moment is that many Americans are keeping their eye on the market, or are even actively searching for properties online,” Point2 Homes said in the study. “At the current pace of change, it remains to be seen how many will succeed and how many will put their plans on hold for the time being.”
Source: “Flash Survey Homebuyer Sentiment: U.S. Still Optimistic Despite Outbreak,” Point2Homes (March 26, 2020)
I read this article HERE
TOGETHER WE’LL GET THROUGH THIS
Got Real Estate Questions? The Caton Team is here to help.
We strive to be more than just Realtors – we are also your home resource. If you have any real estate questions, concerns, need a referral or some guidance – we are here for you. Contact us at your convenience – we are but a call, text or click away!
The Caton Team believes, in order to be successful in the San Fransisco | Peninsula | Bay Area | Silicon Valley Real Estate Market we have to think and act differently. We do this by positioning our clients in the strongest light, representing them with the utmost integrity, while strategically maneuvering through negotiations and contracts. Together we make dreams come true. How can The Caton Team help you?
A mother and daughter-in-law team with over 35 years of combined, local Real Estate experience and knowledge – would’t you like The Caton Team to represent you? Let us know how we can be of service. Contact us any time.
Call | Text | Sabrina 650.799.4333 | Susan 650.796.0654
Email | Info@TheCatonTeam.com
The Caton Team – Susan & Sabrina
A Family of Realtors
Effective. Efficient. Responsive.
What can we do for you?
The Caton Team Testimonials | The Caton Team Blog – The Real Estate Beat | TheCatonTeam.com | Facebook | Instagram | HomeSnap | Pintrest | LinkedIN Sabrina | LinkedIN Susan
Want Real Estate Info on the Go? Download our FREE Real Estate App: Mobile Real Estate by The Caton Team
Berkshire Hathaway HomeServices – Drysdale Properties
DRE # |Sabrina 01413526 | Susan 01238225 | Team 70000218 |Office 01499008
The Caton Team does not receive compensation for any posts. Information is deemed reliable but not guaranteed. Third party information not verified.
The Real Estate Beat 