{"id":68020,"date":"2020-08-05T16:52:16","date_gmt":"2020-08-05T16:52:16","guid":{"rendered":"https:\/\/blog.myewm.com\/?p=68020"},"modified":"2020-08-05T16:52:16","modified_gmt":"2020-08-05T16:52:16","slug":"how-has-the-pandemic-changed-buyer-and-seller-behavior","status":"publish","type":"post","link":"https:\/\/blog.myewm.com\/?p=68020","title":{"rendered":"How Has the Pandemic Changed Buyer and Seller Behavior?"},"content":{"rendered":"
90% of Realtors say their local market is in recovery mode, and some are even hotter than they were pre-pandemic \u2013 but it\u2019s sparked 7 noteworthy changes in customers.<\/p>\n

CHICAGO \u2013 As the effects of the pandemic continue, nine in 10 Realtors\u00ae say their housing markets are in recovery mode, with many even saying their markets are hotter now than a year ago, according to recent member surveys from the National Association of Realtors.<\/p>\n

\u201cThe delayed spring market is definitely occurring now in the summer months,\u201d says Jessica Lautz, NAR\u2019s vice president of demographics and behavioral insights. The housing market is seeing unprecedented monthly jumps in existing-home sales, and home price appreciation remains strong.<\/p>\n

However, the pandemic has also changed some buyers\u2019 and sellers\u2019 behavior, and Lautz found seven notable changes culled from recent NAR research. She highlighted those findings at NAR\u2019s \u201cREvive! From Crisis\u201d virtual conference:<\/p>\n

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  1. Buyers are in a rush.<\/strong>\u00a0In 2019, buyers looked at an average of nine homes before making a home purchase. Now, they\u2019re looking at three to four homes before initiating a contract. Homes are selling in an average of just 24 days, and more than a quarter of Realtors report greater urgency among buyers over recent weeks, particularly those making home purchases in rural areas.<\/li>\n<\/ol>\n
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    1. Wish lists shift.<\/strong>\u00a0Home shoppers are changing some of their home-feature priorities, notably for home offices, according to NAR research, and many households want more than one. Homebuyers are also sizing up outdoor space and showing an increased desire for a pool or garden, or simply more space to enjoy the outdoors.<\/li>\n<\/ol>\n
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      1. Buyers less concerned about commutes.<\/strong>\u00a0As remote work grows, 22% of about 2,300 Realtors surveyed by NAR say their buyers are less concerned about commute time when home shopping, and that freedom has allowed some to expand their searches beyond city centers to the suburbs and exurbs \u2013 which may also offer more affordable housing, according to one in four Realtors surveyed. \u201cIf workplaces keep changing and there\u2019s this greater acceptance of remote working, this trend could stick around longer,\u201d Lautz says. Also, second homes may be in greater demand. \u201cIf they can work from any place, we could see more buyers embrace second homes in rural areas,\u201d Lautz says.<\/li>\n<\/ol>\n
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        1. An increase in multigenerational households.<\/strong>\u00a0One in six Generation Xers and younger baby boomers purchased a multigenerational home pre-COVID. Lautz suggests that trend could increase as more generations, including aging parents and adult children, all come under the same roof during the pandemic.\u201cMoving forward, that could mean your buyers will be looking for larger single-family homes,\u201d Lautz says. \u201cThey also may want to make sure they have a sizable living space on the first level\u201d for an aging parent. Also, recent surveys show a growing desire of buyers \u2013 particularly younger buyers \u2013 who want to live closer to their family. The top reasons to move before the pandemic were a new job, marriage or baby. But now most moves are being driven by young millennials \u2013 twenty-somethings \u2013 who want to be near their family or friends. \u201cThe family unit appears to be becoming more important, and I think COVID could increase this trend,\u201d Lautz says.<\/li>\n<\/ol>\n
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          1. Pets could drive purchase decisions.<\/strong>\u00a0The pandemic sparked a surge in households that want a pet, and NAR surveys have found that pets can influence when and where people buy, with 43% of households willing to move to better accommodate their pet. \u201cWe see consumers actually want to buy a property because of a pet, and then they may want a fenced-in yard and extra space for their animals,\u201d Lautz says.<\/li>\n<\/ol>\n
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            1. A wave of first-time buyers?<\/strong>\u00a0Consumers may show more commitment to their home than long-term relationships. In the 1980s, 75% of first-time buyers were married. In 2019, that dropped to 53%. Young adults are waiting longer to get married. Meanwhile, unmarried couples are buying homes at the highest levels ever recorded by NAR: 17%.NAR research has found a rise in roommates pooling their incomes to purchase a home together. It\u2019s only 4% of purchases now, but Lautz says that\u2019s the highest share NAR has ever recorded. In 2019, first-time buyers comprised 33% of the housing market, still a low number by historical standards.\n

              \u201cBut there could be an uptick, particularly in affordable places further out,\u201d Lautz says. \u201cIf young professionals become less tied to a metro area for work \u2013 in metros where it can be difficult to afford a property \u2013 they may increase their purchases.\u201d<\/li>\n<\/ol>\n

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              1. Housing tenure could fall.<\/strong>\u00a0Homeowners have been staying in the same home longer than they have in past \u2013 an average of 10 years \u2013 which is longer than the traditional six-year average, and Americans aren\u2019t moving longer distances like they did in the 1980s. But since cities issued stay-at-home restrictions during the pandemic, consumers may start to question whether their current home fits their current needs.\u201cInterest rates are at all-time lows; [consumers] may want to move and find a home where they can work from and the kids can too, and they want more yard space to relax,\u201d Lautz notes. \u201cThis change in homeowner tenure could be one we see coming soon.\u201d<\/li>\n<\/ol>\n

                By Melissa Dittmann Tracey<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

                90% of Realtors say their local market is in recovery mode, and some are even hotter than they were pre-pandemic \u2013 but it\u2019s sparked 7 noteworthy changes in customers. CHICAGO \u2013 As the effects of the pandemic continue, nine in 10 Realtors\u00ae say their housing markets are in recovery mode, with many even saying their […]<\/p>\n","protected":false},"author":1401,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"saved","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[9,59],"tags":[],"_links":{"self":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts\/68020"}],"collection":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/users\/1401"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=68020"}],"version-history":[{"count":3,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts\/68020\/revisions"}],"predecessor-version":[{"id":68023,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=\/wp\/v2\/posts\/68020\/revisions\/68023"}],"wp:attachment":[{"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=68020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=68020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.myewm.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=68020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}