COVID-19 and the resulting stay-at-home orders had many people putting their real estate plans on hold. But as restrictions are lifted and the country continues to open, it looks like the coronavirus has actually made people more eager to buy than they were pre-pandemic.
According to a recent survey from LendingTree, 53 percent of home buyers said they were more likely to buy a home in the next 12 months due to the coronavirus outbreak. There are a variety of reasons these buyers are keen to make a post-pandemic real estate purchase, including taking advantage of lower interest rates (67 percent), being able to save for a larger down payment due to reduced spending (32 percent), and a drop in home prices (30 percent). After being stuck in a small space, many would-be buyers also realized how much they wanted their own home—and the space that goes along with it (28 percent).
So, what does this mean for you? Buyers are ready and excited to get back into the real estate market—so if you’ve been thinking about selling your home, now is a great time to make a move.