Currently Reading

What's Changed With Buyer Behavior and Expectations Since 2020?

Advertisement
Market Data + Trends

What's Changed With Buyer Behavior and Expectations Since 2020?


June 9, 2021
Buyers touring house
Photo: New Africa | stock.adobe.com

Prior to the pandemic, Point2Homes’ homebuyer survey found 53% of respondents planned to purchase a home within the next six months. That descended to just 34% at the onset of the pandemic, and now rests at 21% a year later. Point2Homes says the competitive market has shattered many potential buyers’ dreams of purchasing. The survey also found that many buyers became more determined to find their new home in 2021 compared to 2020, showing that the public has become more comfortable with moving. Another 51% of prospective buyers say they have no specific concerns while house hunting except for tight inventory.


Although they wanted to buy, home seekers didn’t have high hopes about the timeline: The share of people who hoped to buy in the next six months plummeted, from 34% last year to 21% this year. 

Despite home prices rising at breakneck speed, 51% of respondents were confident that the steep price hikes would not be a problem. However, 45% stated that they would not be able to keep up.

People were also ready to give up virtual home touring and resume in-person viewings. Interest in online pictures declined and 11% of respondents expressed interest in going to showings this year, compared to just 4% last year.

Buying a home in 2021 comes with a new set of challenges for home seekers all around the country. Low supply was an issue even prior to the pandemic started and the chain reaction triggered by it has only deepened the problem. Even so, despite all of the hurdles, many home seekers seem much more determined to buy this year than last year.

Whether they want to be better prepared in case another wave of COVID-19 hits the nation or they simply hope to continue working from home, prospective homebuyers know what they want: more indoor space, more outdoor space and better floor plans and layouts. In short, new, bigger and better homes.

Read More
 

Related Stories

Housing Markets

Metros With the Highest Home Value Growth

Homeownership provides buyers with equity and a long-term investment that could have a great payoff when it comes time to sell, as long as they’re…

Market Data + Trends

Here’s Where Vacation Home Sales Boomed the Most

Sales for vacation homes increased 16.4% in 2020 as many Americans worked remotely and fled high-density areas for more scenic lower-density areas…

Built for Rent

Single-Family Rents Experience Highest Increases in 15 Years

With home prices reaching new heights, demand for single-family rentals is booming, pushing rental prices up with it. Rent for single-family homes…

Advertisement
Advertisement

More in Category




Advertisement
Advertisement

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.