Key Highlights
- Breakdown of pre and after COVID lockdowns on home searches, price ceilings, space needs and home feature preferences by Point 2
- Millennial women dominate online home searching on their mobile devices
- Post-lockdown buyers want more space, more outdoor features and willing to pay more to get it
- City buyers torn between more space and affordability
Home has always been where the heart is but since the COVID pandemic, home is now, among other things, our office, our school, our gym, our studio and our “safe zone.”
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Point2Homes, a division of Yardi Systems, has compared some 1.7M home searches pre- and post-COVID lockdowns to determine if and how homebuyers needs and expectations have changed.
The “who” and “how” of home searching are now dominated by women (55%) and cell phones (65%). Among the age groups of home searchers, look at this breakdown:
- 8% between ages 18-24
- 20% between ages 25-34
- 17% between ages 35-44
- 18% between ages 45-54
- 19% between ages 55-64
- 17% ages 65+
Post-lockdown buyers definitely want more space, more outdoor features such as pools, play areas and gardens and they’re willing to pay for, not compromise, those features. More than ever, post-lockdown homebuyers want houses (79% compared to 73% pre-lockdown). Fewer post-lockdown buyers (18%) want condominiums compared to pre-lockdown buyers (22%). Pre and post-lockdown buyers are fairly stable in their wants for land, 4% and 3% respectively.
Home price preferences are fairly stable pre and post-lockdown except that slightly more post-lockdown buyers are looking at homes in the $200,000 – $300,000 range and the $500,000 – $750,000 range as long as the square footage and living spaces, floor plan design (more walls and more separate rooms) and outdoor home features warrant the price ranges. Remember too that the COVID-economy has made many homebuyers more financially cautious.
In cities such as Houston, Columbus, Charlotte and Seattle, searches for homes under 1,000 square feet have increased while there is simultaneously more interest in homes with three+ bedrooms and bathrooms as buyers are more drawn to better defined spaces for different activities and for personal spaces.
Some things such as granite countertops, stainless steel appliances, natural light and hardwood floors remain givens for pre- and post-lockdown buyers at any price point. Extras at upper-level price points are more outdoor space for more outdoor activities, pools, gardens, and multi-functional rooms that can be designated as work spaces, learning spaces, studio spaces, playroom spaces and workout spaces.
Thanks to Point2Homes. https://www.point2homes.com/news/us-real-estate-news/the-2020-us-homebuyer-profile.html
Also read: Podcast: Why Do 80% Of All Agents Fail Within 24 Months? (Are You Making Any Of These Mistakes?) | Tim and Julie Harris, Robert E. Lee’s Boyhoiod Home Sells After 2+ Years & HUGE Price Drop, What Do Buyers Want Now?
