Homebuyer Traffic Soars, But Sales Remain Uncertain
Homebuyers are back on the prowl—online at least. Searches for homes are back at and even surpassing pre-pandemic levels, according to the real estate marketplace Point2 Homes. Traffic to Point2 Homes jumped 125 percent in the beginning of May when compared to the end of March. But the company warns that online traffic will not always translate to a home sale as buyers assess their personal finances and the national economic slowdown. Find out how buyers are searching and feeling compared to the beginning of the pandemic in Point2 Homes’ full report.
In March, the isolation and containment measures set in place to fight the coronavirus pandemic forced the majority of homebuyers to rethink their entire approach to house hunting and buying property.
Preoccupation with real estate took a backseat to more urgent matters, leading to a significant drop in traffic and activity on the Point2 Homes platform, but also to a dramatic shift in Google searches and trends. However, homebuyers’ confidence remained high despite deteriorating economic conditions.
Now, after almost two months of uncertainty and negative trends, homebuyers want to remain positive. But, that attitude is becoming increasingly hard to maintain. Although searches for homes for sale are back up and even surpassing pre-pandemic levels — meaning home seekers are active online and eager to resume their activity on the real estate market — the current economic and social conditions might prevent them from doing so.