The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
Study: How the pandemic is influencing potential homebuyers
Buying a home during the COVID-19 pandemic has presented both unique challenges and opportunities for potential homeowners in America.
ImproveNet recently surveyed 2,085 Americans to learn more about their attitudes and preferences related to homeownership and what impact the pandemic has had on the homebuying process.
Here’s what they found:
- 72% of prospective homebuyers said their savings plan for a home has been disrupted by the COVID-19 pandemic.
- 54% of prospective homebuyers report that their moving and home buying plans have changed during the pandemic (30% have accelerated vs 24% have slowed or been put on hold)
- 52% say their interest in types of homes and locations has changed as a direct result of the pandemic.
- On the bright side, 54% of millennials and Gen Zers report being more motivated to become homeowners, as a direct result of the pandemic.
- The top home buying factors that have been impacted by the pandemic: 1. Access to nature 2. Proximity to family 3. Indoor space 4. Outdoor space 5. Home location.
- 36% of city residents say they value suburban living more than they did before the pandemic.
Take a look at the full report.