"While the health and economic impact has been significant, the U.S. housing market has remained surprisingly resilient, and consumers continue to view home ownership as the foundation of the American Dream. Home buyers remain steadfast in the main attributes they seek--three bedrooms, two bathrooms and a garage. However, the quarantine has made people rethink where and why they want a new home," says realtor.com® Senior Economist George Ratiu.
The market is largely buyer-driven - if there is a demand, properties will sell. If no one wants to buy, the market will be slow. So let's see what current buyers are thinking and doing right now.
Here are the findings of the most recent, post-covid survey from realtor.com®.
How do buyers feel about the market?
Over 1/3 of homebuyers are more optimistic about buying a home after COVID.
41 percent of buyers said they are looking to buy sooner because of COVID.
44 percent said COVID had no impact on their timeline.
5 percent said they have slowed down due to COVID.
How are buyers doing financially?
Nearly 2/3 of buyers believe stay at home orders have helped them save money.
3/4 of homebuyer say lower mortgage rates have impacted their home search, helping them look for larger, more expensive homes.
What kind of homes are buyers looking for now?
9 percent of buyers stated they would be willing to commute over an hour (in the spring survey only 3 percent chose this response).
84 percent of current buyers are looking for a move-in-ready home - this is a 10 percent increase from the spring survey.
65 percent of buyers are still looking for median priced homes - under $350,000 (the national median priced home in the U.S. was $342,000 from most recent data).
The top features still include: garages, a renovated kitchen and large backyard space ranked in the top five features people want in both surveys.
Local Illinois sales data
Recent Illinois sales data is also showing a healthy, rebounding market. Data as of 7/27/2020 shows a dramatic 66.5% increase in homes under contract than this time in 2019. Perhaps buyers are making up for lost time in the spring market, as the chart shows a large drop in sales back in March at the peak of the COVID panic. Either way, the market looks like it is staying resilient and both buyer and seller sentiment is on the rise.