The pandemic isn’t scaring off home buyers. More than half—or 53% of about 1,000 home buyers recently surveyed—say they are more likely to buy a home in the next year due to the coronavirus outbreak. First-time home buyers and millennials may be the most eager to buy within the next 12 months. The top two motivators for buying soon are to take advantage of record low mortgage rates (67%) and being able to save for a larger down payment due to reduced spending (32%).
Also, the perception of reduced home prices (30%) and being confined in a smaller space during stay-at-home orders have made homeownership more appealing, the survey finds. The pandemic is not only prompting more people to pursue homeownership, it's also influencing their home shopping. For example, the majority of respondents say the coronavirus pandemic has affected how much money they plant to spend on a new home. Forty-four percent plan to buy a less expensive home while 21% want a pricier home. Broken out, 28% of first-time buyers say they’ll purchase a pricier home compared to just 17% of repeat buyers.