There was apparently a certain
profile of home buyers before the pandemic struck and a different one after it
began. The National Association of Realtors’® (NAR’s) 2020 Profile of Home
Buyers and Sellers,
an annual report on demographics, preferences and
experiences of buyers and sellers across America shows COVID-19 caused several shifts
in America’s housing market over the past eight months. Changes in the
behaviors of home buyers and sellers were especially notable as buyers’ usual
tendencies altered, and the urgency to sell accelerated. “The
coronavirus without a doubt led home buyers to reassess their housing
situations and even reconsider home sizes and destinations,” said Jessica
Lautz, vice president of demographics and behavioral insights at NAR. “Buyers
sought housing with more rooms, more square footage and more yard space, as
they may have desired a home office or home gym,” she added. “They also shopped
for larger homes because extra space would allow households to better
accommodate older adult relatives or young adults that are now living within
the residence.”

 

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