The COVID-19 pandemic has impacted everyone in a multitude of ways. How does this impact buying and selling homes? Let’s take a look at the numbers!
Before the pandemic, buyers who purchased homes after March were more likely to purchase multi-generational homes at 15%. This compares to 11% who purchased before April. For sellers, the top reason why they sold their homes before April was because they wanted to be closer to loved ones. Friends and family were on their mind! For sellers who sold their home after March, the reason was because their home was too small!
How does this impact buyers? Home buyers during the pandemic purchased homes around $339,000. Pre-pandemic buyers purchased homes around $270,000. Additionally, 23% of buyers who purchased homes after March purchased at $500,000. 57% of buyers who also purchased during the pandemic purchased in a suburban area. This is compared to 50% of buyers before the pandemic.
Whether you decide to purchase or sell your home during this time or not, we hope to assist you in any way possible! Click here to view the current listings in the area and click here to view our agents for assistance on any questions you may have.
*information pulled from the National Association of Realtors*