Today’s Buyers Are Serious about Purchasing a Home
“…. Of American adults considering a future home purchase in the second quarter of 2020, about half (49%) are not simply planning it, they are actively engaged in the process to find a home. That is a significantly higher share than the comparable figure a year ago (41%), which suggests that the COVID-19 crisis and its accompanying record-low mortgage rates have converted some prospective buyers into active buyers.”
Odeta Kushi, Deputy Chief Economist at First American, explains:“Of Millennials planning a home purchase in the next year, 57% are already actively searching for a home.”
As demand for homes to buy grows and more millennials enter the market with growing buying power, the opportunity to sell your house grows too.“When breaking down house-buying power by educational attainment for millennials in 2019, we find that the higher the education, the higher the household income, and the higher the house-buying power. In 2019, median house-buying power for millennials increased 16 percent relative to 2018.”