Report: COVID Has Not Impacted Home Buyers' Plans
Despite economic turbulence, people are still looking to purchase homes. Learn more here.
While the coronavirus pandemic has undeniably upended normal life across the world and delivered major blows to economies globally and locally, there is one thing it apparently hasn't been able to change. According to the National Association of Home Builder's latest Housing Trends Report, the coronavirus has had little bear upon on the percentage of people in the U.S. looking to purchase a habitation.
The new information shows that in the second quarter of 2020, eleven percent of those surveyed by the NAHB were planning on buying a house in the side by side 12 months. That number is downwardly slightly from the 12 percent recorded in the 2d quarter of 2019, showing a remarkable consistency in purchasing plans year over year despite COVID doubtfulness.
Interestingly, the share of millennials looking to purchase a home actually rose two per centum from 2022 to 2020. Millennials were too the group most likely to buy a domicile by a broad margin, with xix percent maxim they were planning on it compared to 12 percent of Gen Xers and just v percent of Boomers.
The skilful news for domicile builders is that the data also suggests people are not but casually floating the idea of ownership a house. Thanks to historically depression mortgage rates, large percentages of the same people who say they are "planning" on purchasing a dwelling house are already trying — 57 percent of Millennials and 49 percent of the Gen Xers, co-ordinate to the survey
While the willingness to purchase homes is certainly there, several factors are holding people back. Here'south a quick breakup of the iv primary reasons why people who accept been on the market for a new home accept not been able to pull the trigger:
- 39 percent said they can't find a dwelling house at a price they can afford;
- 36 percent can't find a home with the features they want;
- 32 pct tin can't find a home in the neighborhood they want;
- 29 percent report being outbid.
Source: https://www.familyhandyman.com/article/covid-impact-home-buyer-plans/
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