SANTA CLARA, Calif.,
April 16, 2020 /PRNewswire/ --
Realtor.com® today released the results of a new
consumer survey highlighting COVID-19's impact on home buying,
selling and moving in the age of social distancing. The survey
found that consumers, especially younger demographics, want virtual
tours and are warming to the idea of buying a home without visiting
it in person.
Realtor.com® and Toluna Insights surveyed 1,300
consumers during the week of April 5
to better understand their thoughts on how this pandemic has
impacted current living arrangements, future plans and feelings
about technology's role in buying and selling homes.
Majority of living situations remain stable, but COVID-19 has
sparked some changes
Eighty three percent of survey respondents noted that their
living situation has not changed due to COVID-19. Of those who have
experienced a change, 8 percent moved in with immediate family, 6
percent moved in with a partner, 2 percent moved in with extended
family and 2 percent moved in with a new roommate. The survey also
revealed that 68 percent of respondents say that their plans to
move (or their plans not to move) have not changed. Of those whose
plans have changed, 9 percent weren't planning to move but now need
to and 14 percent canceled their plans to move. Further, 9 percent
will now rent rather than buy and 7 percent will buy rather than
rent. This data points toward some level of stability in the
housing market.
Younger demographics and renters feel more comfortable moving
sight unseen
Despite the threat of COVID-19 and social distancing measures,
the majority of people still want to see a home in person before
making a purchase, but that sentiment is shifting. With access to
accurate listing data, detailed photos, virtual and live video
tours, 24 percent of people would be willing to buy a home without
seeing it in person and 30 percent would be willing to rent one.
Those numbers were slightly higher for younger demographics, of
whom 29 percent would be willing to buy and 34 percent willing to
rent. Further, 21 percent of people agree that COVID-19 has made
them more likely to move into a home sight unseen.
"Uncertainty around COVID-19 and limitations around social
interactions and group gatherings like open houses have made buying
and selling homes more difficult than ever," said Nate Johnson, CMO, realtor.com®. "As
real estate agents and consumers seek out ways to safely complete
these transactions, we believe that technology will become an even
more imperative part of how we search for, buy and sell homes
moving forward."
Virtual tours, listing and neighborhood information are
critical for buying during COVID-19
The biggest share of respondents (47 percent) still prefer to
see a home in person with a buyer's agent. Given new social
distancing guidelines, 23 percent prefer to go alone, 13 percent
prefer an online video tour and 6 percent would like their agent to
go to the home and show it via video chat.
When asked to select which technology features would be most
helpful when deciding on a new home, responses in order of
preference were:
- A virtual tour of the home (61 percent)
- Accurate and detailed listing information (58 percent)
- Accurate and detailed neighborhood information (53
percent)
- High quality listing photos (51 percent)
- The ability for my agent or landlord to walk me through the
property via video chat (39 percent)
Sellers are wary of open houses but open to listing photos
and virtual tours
When asked about selling a home within the next six months,
respondents showed a slight discomfort toward holding open houses,
but were still generally open to allowing their agent and some
shoppers inside. Potential sellers are most comfortable with:
- Allowing their agent in the home to take photos (56
percent)
- Allowing their agent in the home to give a virtual tour (55
percent)
- Having an agent walk a buyer through the home in person (47
percent)
- Having an agent walk a buyer through the home via video chat
(44 percent)
- Holding an open house (35 percent)
Realtor.com® is committed to making buying, selling
and living in homes easier and more rewarding. To assist both
consumers and professionals, realtor.com® has added
several product enhancements including more virtual tours, video
chats and an option to schedule a virtual home tour.
To learn more, visit realtor.com®'s COVID-19 site for
information, resources and tools to help consumers navigate these
uncertain times: https://www.realtor.com/covid-19/
About realtor.com®
Realtor.com® makes buying, selling and living in
homes easier and more rewarding for everyone.
Realtor.com® pioneered the world of digital real estate
20 years ago, and today through its website and mobile apps is a
trusted source for the information, tools and professional
expertise that help people move confidently through every step of
their home journey. Using proprietary data science and machine
learning technology, realtor.com® pairs buyers
and sellers with local agents in their market, helping take the
guesswork out of buying and selling a home. For
professionals, realtor.com® is a trusted
provider of consumer connections and branding solutions that help
them succeed in today's on-demand world. Realtor.com® is
operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV]
subsidiary Move, Inc. under a perpetual license from the National
Association of REALTORS®. For more information,
visit realtor.com®.
Media Contact:
Nicole
Murphy, nicole.murphy@move.com
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SOURCE realtor.com