St.Louis, MO. April 30, 2020
Many experts in the real estate industry are publishing their predictions about what will happen to the market following stay-at-home orders, but what do buyers and sellers think? Buyers and sellers are the basis of the market. Therefore, their opinions should be a telling indicator.
Transactly, St. Louis, MO based real estate technology company, conducted a survey asking 400 homebuyers and 400 sellers, planning to enter the market in 2020, how their plans have changed and what they expect from the market following the lifting of restrictions.
The survey discovered some interesting, and very surprising results. The idea that homebuyers would be willing to purchase a home without seeing it may seem unfathomable. However, 41% of buyers reported they are willing to buy a home without ever seeing it. Sellers reported being concerned with lower home prices, despite the fact the housing inventory continues to decline.
These unexpected outcomes may be shocking, but they are able to offer a window into the minds of homebuyers and sellers during an unprecedented time.
One of the most optimistic discoveries of the study was the finding that a majority of people are planning on jumping back into the market within six months of stay-at-home orders. This finding shows promise for the industry, and lends itself to a potential speedy recovery from this crisis.
Of course homebuyers and sellers alike expressed many concerns about jumping back in so soon. For homebuyers, that includes a fear of low ball offers, COVID-19 exposure, and what a lack of job security could do to their plans. It seems as if they are willing to set those concerns aside, though, in order to resume their original plans to enter the real estate market.
Those interested in learning more about how homebuyers and sellers think COVID-19 will impact the housing market, can find the full report here.
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