1 in 5 Buyers Wants Designated Space to Work from Home
75% of homebuyers surveyed said the pandemic changed their plans: 25% boosted their timelines, 20% slowed their timelines and 17% now want a less expensive home.
SEATTLE – Three-quarters of homebuyers who plan to buy a home within the next 12 months say the coronavirus pandemic has impacted their homebuying plans: 25% said it caused them to move or speed up their timeline, 20% said it caused them to delay moving plans and 17% are now looking for a less expensive home. Specifically:
- 16% said the pandemic has caused them to want to move
- 15% said it caused them to move sooner than originally planned
- 6% chose both options
“Somewhat counterintuitively, the coronavirus-driven recession is propping up the housing market,” says Redfin Chief Economist Daryl Fairweather, author of the recent study. “Homebuyer demand is surging despite GDP taking a historic nosedive in the second quarter, largely because Americans value the home more than ever and are willing to prioritize housing even as they cut back on other expenses. Additionally, the Fed is using low interest rates to stimulate the economy, which is giving buyers more purchasing power and boosting home sales.”
Home preferences
- 21% want a designated area to work from home
- 21% want more outdoor space
- 10% of respondents now want a bigger home
- 7% want a designated space for children to learn from home
Why changed plans?
- Of people planning to move, 55% said low mortgage rates are a factor in their changed plans
- 52% said spending more time at home is a factor
- 40% said working from home contributed to their desire to move
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