1 in 5 Buyers Wants Designated Space to Work from Home

75% of homebuyers surveyed said the pandemic improved their plans: 25% boosted their timelines, twenty%…

75% of homebuyers surveyed said the pandemic improved their plans: 25% boosted their timelines, twenty% slowed their timelines and 17% now want a much less pricey home.

SEATTLE – 3-quarters of homebuyers who strategy to buy a home within just the up coming 12 months say the coronavirus pandemic has impacted their homebuying plans: 25% said it prompted them to transfer or pace up their timeline, twenty% said it prompted them to delay going plans and 17% are now hunting for a much less pricey home. Particularly:

  • 16% said the pandemic has prompted them to want to transfer
  • fifteen% said it prompted them to transfer quicker than originally planned
  • six% chose the two possibilities

“Somewhat counterintuitively, the coronavirus-driven economic downturn is propping up the housing market place,” states Redfin Chief Economist Daryl Fairweather, author of the recent review. “Homebuyer desire is surging irrespective of GDP taking a historic nosedive in the next quarter, mostly since Us citizens worth the home extra than ever and are ready to prioritize housing even as they minimize back again on other expenditures. Additionally, the Fed is utilizing minimal desire prices to encourage the overall economy, which is providing consumers extra acquiring electrical power and boosting home product sales.”

Household preferences

  • 21% want a selected place to work from home
  • 21% want extra outdoor space
  • 10% of respondents now want a larger home
  • seven% want a selected space for youngsters to study from home

Why improved plans?

  • Of people today arranging to transfer, 55% said minimal mortgage loan prices are a element in their improved plans
  • fifty two% said investing extra time at home is a element
  • forty% said working from home contributed to their desire to transfer

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