States and cities have implemented more social distancing, quarantines, curfews and other security measures in order to prevent the further spread of the novel coronavirus, while updates every now and then keep us informed and in just a short period of time, it seems that the world has changed entirely and we seem to be barely coping up. But all of these have not diminished people’s view on purchasing a property at this time or in the future. A new study conducted by Point2 Homes, a real estate marketplace, reveals that home buyer interest stays strong amid the COVID-19 pandemic around the world.
Point2 Homes had surveyed 2,900 respondents who visited their website to search for properties from March 23 to 26 to get their views on how the coronavirus will have a short and long-term impact on their plans in buying a new home and the challenges they are facing that may greatly affect their decision making. As it turned out, the age group 45 to 54 is the most positive about buying a new property despite the current situation. Fifty-five percent of them said they are still searching to get a new home, regardless of the novel coronavirus scare. On the other hand, respondents aged 65 and up are the ones who are more reluctant to the idea of buying a new property. In this age group, 27% of them said they have already put on hold any decisions to purchase a new home in regards to the recent circumstances.
Overall, the survey shows 34% of respondents are unwavered and still set on buying a new home over the next six months, and 25% said they have moved their plans for the next year, while 28% are still undecided.
While coronavirus is a serious national concern, many home buyers’ plans are already set on the go. There are 41% of the respondents saying they have no problem or major worries about buying a home at this time. But, 31% are having doubts and are worried about their current financial challenges and how it might affect their capacity to purchase. At the same time, 12% of the respondents also mentioned other concerns, like worrying about the availability of homes and the number of choices. Sixteen percent of the respondents are concerned with their health and safety should they go out checking properties for possible purchase during this time of uncertainty.
Thirty-five percent of the respondents are just waiting until the COVID-19 outbreak is contained. As for now, they are no longer searching actively for a new home but they are being keen on the movement of the market. Nineteen percent are actively searching and that they are sure to buy a home as soon as they have found the right one.
The survey shows more than 25% of the respondents said they have shifted their plans and are eyeing for more affordable properties, while 42% said they have not altered their plans to the kind of homes they have set their sight on.
Since physical house viewings are a bit more challenging in this current situation, many of the interested buyers are being creative with their house hunting. They have still continued doing so in the comforts of their homes by using online tools to do virtual, 3D, video chat, and using robots home tours. Forty-four percent of potential buyers say they have shifted their search through online and are setting their focus on the details such as the pictures of the property, the descriptions, and the virtual tours, are what they have put emphasis on. Besides it is safer to be at home at this time.
“Whether they need to finish a home buying process that started before the outbreak, or they do not want home buying to drop too low on their list of priorities, the reality at the moment is that many Americans are keeping their eye on the market, or are even actively searching for properties online,” Point2 Homes said in the survey. “At the current pace of change, it remains to be seen how many will succeed and how many will put their plans on hold for the time being.”