Pandemic Sped Up Moving Plans for 25% of Homebuyers

August 6, 2020
For sale sign outside of home
By seanlockephotography

For recent buyers, the middle of a pandemic was not an ideal time to move, but it was certainly a catalyst. A new survey conducted by Redfin surveyed more than 1,000 people planning to purchase a home within the next year and found that 25% of respondents said the pandemic caused them to move and/or sped up their anticipated plans. Another 15% of respondents said the pandemic caused them to move sooner than planned.  A mix of low mortgage rates, spending more time at home, and working from home are the leading causes of people wanting to move, according to Redfin.

Three-quarters of homebuyers say the coronavirus pandemic has impacted their homebuying plans, according to a survey of more than 1,000 people who are planning to buy a home within the next 12 months conducted by Redfin from July 19-21. Furthermore, one-quarter of homebuyers said it has caused them to move and/or speed up their moving timeline.

Sixteen percent of respondents said the pandemic has caused them to want to move and 15% said it has caused them to move sooner than originally planned. Respondents were able to choose more than one impact, so when accounting for homebuyers who chose one or both of the aforementioned options, a total of 25% of respondents indicated the pandemic has caused them to want to move or speed up their moving timeline. Meanwhile, 20% of respondents said the pandemic caused them to delay their plans to move and 17% are now looking for a less expensive home. 

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