In our last blog post, we highlighted data from a study conducted by Realtor.com. The survey collected information on the changes in living situations and implications about future moves. Keep reading to learn more about what Realtor.com found in their study.
The survey concluded that a majority of people looking to buy a home prefer to see a home in person. Because of the COVID-19 outbreak, seeing a home in person has become a struggle. Most real estate companies have shifted to rely on virtual home tours and photos. Because purchasing a home is a huge financial investment for most, relying on technology is not preferred. The data showed that 63.6% of respondents were unwilling to buy a home unseen. Similarly, 60% stated they preferred in person tour to a virtual tour. When looking at responses from different age groups, there were varying responses. Younger adults were more willing to rely on video tours and detailed pictures, around 31% claimed they would buy a home unseen. Constratingly, only 15% of older adults would buy an unseen home. The results were similar with consumers looking to rent.
Data showed that the Coronavirus pandemic has caused consumers to change their future plans for at least the next six months. Roughly 13% were planning to move but cancelled their plans. 8.1% said they were not planning on moving, but the pandemic has forced them to change their plans. This aligns with the 8% of respondents who decided to rent instead of buying for the time being. A small 6% decided to buy rather than continue renting. Stage of life seemed to have an impact on consumer plans. A large number of consumers in the 55 and older bracket had no plans to move. Only about half of respondents between 18-55 also had no moving plans. A majority of plan changes were within the younger age group, many stating they were forced to move or had to rent instead of buying.
The survey offered insight on consumers’ feelings on seeing homes with a real estate agent and the new technology that has arised due to the virus. A noticeable share of those surveyed prefer to tour a home with an agent with them. Compared to renters, homeowners are more likely to see a home with an agent. Preferences were similar across all age groups. When asked about technology features being used for home searches, virtual tour was clearly seen as the most helpful. Accurate and detailed information on the home and neighborhood was a close second. Having the ability to have an agent give a video property tour was also important. These preferences were consistent across gender, age, and parenting status. Unsurprisingly, respondents were less inclined to hold an open house. Using listing photos and virtual tours were the most preferred when selling a home.
Click here to read the full report and learn more!
ARE YOU READY TO FIND YOUR DREAM HOME?
Contact us today to get started!