What's Changed With Buyer Behavior and Expectations Since 2020?
Prior to the pandemic, Point2Homes’ homebuyer survey found 53% of respondents planned to purchase a home within the next six months. That descended to just 34% at the onset of the pandemic, and now rests at 21% a year later. Point2Homes says the competitive market has shattered many potential buyers’ dreams of purchasing. The survey also found that many buyers became more determined to find their new home in 2021 compared to 2020, showing that the public has become more comfortable with moving. Another 51% of prospective buyers say they have no specific concerns while house hunting except for tight inventory.
Although they wanted to buy, home seekers didn’t have high hopes about the timeline: The share of people who hoped to buy in the next six months plummeted, from 34% last year to 21% this year.
Despite home prices rising at breakneck speed, 51% of respondents were confident that the steep price hikes would not be a problem. However, 45% stated that they would not be able to keep up.
People were also ready to give up virtual home touring and resume in-person viewings. Interest in online pictures declined and 11% of respondents expressed interest in going to showings this year, compared to just 4% last year.
Buying a home in 2021 comes with a new set of challenges for home seekers all around the country. Low supply was an issue even prior to the pandemic started and the chain reaction triggered by it has only deepened the problem. Even so, despite all of the hurdles, many home seekers seem much more determined to buy this year than last year.
Whether they want to be better prepared in case another wave of COVID-19 hits the nation or they simply hope to continue working from home, prospective homebuyers know what they want: more indoor space, more outdoor space and better floor plans and layouts. In short, new, bigger and better homes.