Last week, NAR released the 2020 Profile of Home Buyers and Sellers. This report discusses demographics, preferences and experiences of buyers and sellers across America. This year’s report highlights the preference and habit changes of home buyers and sellers caused by COVID-19.
Highlights of this year’s report include:
- Buyers purchasing after March were more likely to purchase a multi-generational home – 15% versus 11% who purchased before April.
- 14% of buyers who purchased in April or later said their transaction was delayed due to COVID-19.
- Sellers who closed in April or later were more likely to sell because their home was too small – 18% compared to 13% of those before April.
- Findings show those who bought a home during the pandemic are expected to remain there for 10 years. That’s compared to 15 years for those who purchased prior to the COVID-19 outbreak.
- 5% of buyers who purchased after March did so without physically seeing the home in-person, compared to 3% of buyers who purchased before April.