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By: Kelly Leighton on in

Some Buyers Ready to Buy Now, Thanks to COVID-19

COVID-19 may lead more prospective buyers to purchase a home sooner rather than later.

A recent LendingTree survey found that more than half of potential buyers (53%) said that they will buy a home in the next year, due to the impact of COVID-19 on mortgage rates, as well as their own budget, with 32% claiming they are spending less and are able to save more for costs associated with homebuying. First-time buyers and millennials, at 73% and 66% respectively, are more apt to feel this way.

However, COVID-19 may be making buyers reconsider how much they put in their housing budget. Forty-four percent of prospective buyers said they will spend less on a house than they had originally planned, while 21% now plan to spend more. Of those who plan to spend more, 28% of first-time buyers say they’ll buy a more expensive home, while 17% of repeat buyers felt the same way.

Technology is continuing to aid buyers in finding their new properties in today’s world. Sixty-one percent of buyers have done a virtual tour for a home over the past two months. Another one-third of buyers said they plan to do a virtual tour. And 30% of buyers reported they would purchase a home without looking at it physically.

Yet, with record low mortgage rates, 44% of buyers are concerned about qualifying for a mortgage, including more than half of first-time buyers and millennials.

However, 20% of buyers said they were less likely to buy a home due to COVID-19. Economic uncertainty is the top reason cited by those surveyed. Lack of in-person showings and a loss of income were two other reasons buyers felt hesitant.

3 Responses
  • June 23, 2020 at 7:53 am THOMAS PAUL says

    See the property as virtual tour first. If you like the property take the all the Covid 19 precautions and see the property. Go forward and buy the property. Mortgage rates best for the home buyers.

    Reply
  • June 23, 2020 at 10:07 pm Ryan Thomas says

    The 14 amendment to the constitution lists acquiring property as a right of every American. Less than 1% of the PA population has tested positive for Covid and around half of those can be attributed to our health secretary allowing covid patients to go back to nursing homes. Of the less than 1% of cases, the mortality is also much less than anticipated. Our hospitals are also no where close to having capacity issues. But, if you really feel that your life could be in danger from Covid, then just wait it out. If you would prefer to just pursue safety and property on your own terms as granted to you in the laws of our great country, then by all means, schedule a showing.

    Reply
  • July 9, 2020 at 7:15 am Dian Colletti says

    Ryan Thomas, You must have someone you care about? A mom, dad, grandparent or friend in cancer treatment at risk and trying to survive? Would you not care about infecting them with Covid 19? Just because you do not believe or respect the science of this disease, much of which is still unknown, do not discount the lives of others so readily. Please educate yourself. If you want to put your family at risk of possibly dying from Covid 19, in the event of another work stopage, that is your privilege, You believe you understand the constitution and rights therein, and this virus better than highly educated professionals? What is the acceptable death rate to you? Oh yes, you defined it, 6802 currently dead in PA is acceptable to you, over 100,000 infected. In addition, no where does the 14th amendment address ACQUIRING property as a “right”. It addresses DUE PROCESS under the law relating to LIFE, liberty or property ( personal and real property can be assumed since it is not specifically defined). It should also be noted that every challenge to Governor Wolfs actions established to protect the citizens “general welfare” as mentioned in the constitutions preamble, were ultimately upheld in the courts. PAR was defeated on every attempt to designate Real Estate as an essential business despite the numerous legal attempts against the wishes of the vast majority of Realtor members. Thankfully our Governor is doing his job, difficult as it is. I also suggest you recall the children who became severly ill , the 41 year old broadway star with a 1 year old baby who died this week after 90 days in the hospital fighting this virus, and maybe you have not a care in the world for the many at risk Realtors, buyers ,sellers, inspectors, and appraisers who are 65 and older, have diabetes, cancer or other health conditions that put them at extreme risk, but our governor is doing his job protecting the “general welfare ” of ALL people. Listen to the science. We are all back to work and the numbers are not looking so good, are they?

    Reply

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