LendingTree, an online lending source, found that 53% of home buyers are more likely to buy a home in the next year, due to the coronavirus outbreak. This is especially true for first-time home buyers (73%) and millennials (66%). For all buyers who are planning to purchase in the next 12 months, their top two motivations are: Taking advantage of record-low mortgage rates (67%), and being able to save a larger down payment because of reduced spending (32%).
Nearly two-thirds (65%) say the pandemic has impacted how much money they plan to spend on a new home. Among the group surveyed, 44% plan to buy a less expensive home and the remaining 21% want a more expensive home. Among the latter group, 28% of first-time buyers say they will buy a pricier home, while just 17% of repeat buyers agree.
About 6 in 10 (61%) home buyers have toured homes virtually over the last 2 months. Another 33% of respondents said that they have yet to view a virtual tour, but they plan to do so. Additionally, 3 in 10 buyers say they would buy a home without physically touring it in person.
A great example of a state-of-the-art virtual tour can be viewed by clicking on the picture in this article, or by visiting our Brentwood listing online at 147 S. Carmelina (asking $6,995,000).