Buyers Still Motivated, Despite Pandemic Challenges

“Home is more important than ever before, and ownership has become a key priority for many, particularly those who have never bought a home before,” said D. Steve Boland, president of retail at Bank of America. “Owning a home has historically helped families create a legacy and enabled them to build long-term wealth.”

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Is the Pandemic Driving More People to the Suburbs?

“We see lingering effects of the coronavirus on shopping behavior and preferences. In the Northeast, especially, people are now as likely as before the pandemic to be looking for a home in a market that’s not where they currently live. However, those looking elsewhere are much more likely to be looking in smaller, nearby markets,” said realtor.com® Chief Economist Danielle Hale.

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NAR Survey Shows Swift Rebound of Activity

“The residential market has seen a swift rebound of activity as numerous states have begun to ease mandatory stay-at-home orders,” said Lawrence Yun, NAR’s chief economist. “Many potential buyers and homesellers were kept at bay in the initial stages of the coronavirus outbreak, but Realtors® nationwide were able to quickly pivot, embracing technology and business practices to ensure the homebuying process continued in a safe manner.”

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