To get a sense of how home seekers are going about looking for a home or handling the buying process, or if they are putting everything on hold due to the COVID-19 coronavirus pandemic, Point2 Homes conducted a flash survey of 5,000 visitors to its website.
Despite current events, homebuyer sentiment remains moderately optimistic, with almost half of respondents saying the only change they will be making is they will focus more on online pictures and virtual tours, and almost six in 10 prospective buyers state they would still like to buy in the next six to 12 months, says Point2 Homes.
Although only 12 per cent of visitors are actively searching for a property, 44 per cent said they are still keeping an eye on the market, making sure they are up to speed with the changes. Seventeen per cent toned down their efforts. Among those who are definitely putting the process on hold are the 20 per cent of home seekers who said they will stop searching until the outbreak is over and the seven per cent who answered that “they will probably stop searching for the time being.”
Those who want to buy in the next six months represent the majority at 31 per cent, showing that people are still hopeful the crisis will be over soon, says Point2 Home. They are followed closely by respondents who stated that they would like to close a deal in the next 12 months (26 per cent). Twenty-seven per cent of survey takers have not decided yet. They may be waiting for the market to stabilize again or for some signs that everything is going back to normal, the company says. Only 15 per cent of survey takers are more reluctant, saying that buying a home is much further in the future, five years from now or more.
Respondents are still largely calm about the process of buying a new home, with 35 per cent stating they have no concerns in particular at the time of the survey. However, they are followed closely, at 34 per cent, by prospective homebuyers who have some worries about their future financial situation, which may affect their homebuying decisions.
The five-question survey was posted on the Point2 Homes website between March 23 and 25.