A surprising number of house hunters have declared just how important it is to find their dream home during the global health crisis, even at the risk of their own health.
In a recent survey conducted by Helitech, a foundation repair company, 37% of 980 buyers said they’d “risk COVID-19 exposure to obtain my dream home.” The consumers surveyed either are in the market to move, started their plan to do so prior to the pandemic, or recent purchasers.
But while buyers are ready to conduct a house hunt, they are finding they don’t need to risk their health. The real estate industry has placed several health and safety protocols since the pandemic, including more virtual tours and virtual open houses as well as social distancing measures during tours and closings. Some brokerages are also requiring buyers to sign disclosure forms prior to touring a home in person. Those forms verify the person does not have a fever and will maintain social distancing precautions during the tour.
Most survey respondents say they prefer to see a home they intend to buy in person than virtually, although a large percentage are still willing to entertain making sight-unseen offers. Nearly 57% of consumers said they were not willing to purchase a home without seeing it in person, but nearly 35% said they would be willing to buy a home without seeing it in person first.
Some respondents who had already purchased a home prior to the pandemic said they now wished they had bought later. Fifty-four percent of those recent buyers say they wish they’d waited in order to get a better mortgage rate. Mortgage rates have fallen to all-time low during the pandemic.
Source: “How Has the Global Pandemic Affected the Housing Market?” Helitech (2020)