The COVID-19 pandemic has impacted 75% of people’s homebuying plans.
One positive aspect to come out of the COVID-19 pandemic is that more people are now reporting an interest in homeownership.
And for 25% of would-be buyers, the pandemic has influenced them to want to move from their current place or has led them to want to move sooner than they had expected. And these buyers have very specific ideas in mind for their future home.
It’s not the updated master bathroom or new kitchen appliances that buyers say is the most important interior feature of a home. It’s the location and layout, according to 58.9% of buyers in a recent Homes.com survey. Spacious-feeling interior design with open sightlines is a feature followed at a great distance by storage space, flooring, main floor primary bedroom, and updated kitchen appliances.
Realtor.com® has also found that in the second quarter of 2020, 51% of people from urban areas using their site to shop for homes were looking in the suburbs. This is the highest percentage since these numbers began being tracked three years ago. We can still see the lingering effects of coronavirus on people’s housing search habits.
Homebuyers continue to hunt for features important during their new work-from-home lifestyles including a home office, home-schooling area, and great outdoor living spaces. “Having at least one home office has become much more important since more people are working from home,” says Dr. Jessica Lautz, NAR’s VP of Demographics and Behavioral Insights. With 52% of Americans now spending more time at home, the lifestyle change has been a catalyst for those now searching for a new home.