{"id":15879,"date":"2020-06-17T11:11:00","date_gmt":"2020-06-17T18:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=15879"},"modified":"2020-06-15T14:06:19","modified_gmt":"2020-06-15T21:06:19","slug":"1st-time-homebuyers-millennials-are-the-most-eager-to-buy-homes-despite-pandemic","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/06\/1st-time-homebuyers-millennials-are-the-most-eager-to-buy-homes-despite-pandemic\/","title":{"rendered":"1st-Time Homebuyers &#038; Millennials are The Most Eager to Buy Homes, Despite Pandemic"},"content":{"rendered":"<p style=\"text-align: justify;\">Home buyers aren\u2019t being scared off by the COVID-19 pandemic. On the contrary, 53% of those quizzed in a recent survey by LendingTree said they\u2019re more likely to buy a home in the next year because of the coronavirus outbreak.<br \/>\n<a href=\"https:\/\/www.roryc.ca\/blog\/?attachment_id=15880\" rel=\"attachment wp-att-15880\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-15880\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2020\/06\/C-19-homebuyers-288x182.jpg\" alt=\"\" width=\"555\" height=\"351\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2020\/06\/C-19-homebuyers-288x182.jpg 288w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2020\/06\/C-19-homebuyers-768x486.jpg 768w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2020\/06\/C-19-homebuyers.jpg 888w\" sizes=\"auto, (max-width: 555px) 100vw, 555px\" \/><\/a><br \/>\nThe most eager to buy appear to be first-time buyers and millennials, the survey found.<\/p>\n<p style=\"text-align: justify;\">The main reasons for wanting to buy as soon as possible include taking advantage of the current low mortgage rates, cited by 67% of respondents, and being able to save for a larger down payment due to reduced spending, cited by 32%. In addition, there is a perception that home prices are lower, according to 30% of buyers. Also, being confined to home as a result of the pandemic has made the prospect of buying a home more appealing, the survey found.<\/p>\n<p style=\"text-align: justify;\">People\u2019s home shopping habits are also being influenced by the COVID-19 pandemic, the survey shows. The majority of respondents in LendingTree\u2019s survey said the coronavirus has impacted how much they\u2019re planning to spend on a new home. Some 44% said they\u2019re looking at a less expensive home, while 21% said they want to buy one that\u2019s more expensive. Broken out, 28% of first-time buyers say they\u2019ll purchase a pricier home compared to just 17% of repeat buyers.<\/p>\n<p style=\"text-align: justify;\">Some buyers are more comfortable about the idea of buying a property sight unseen. Around 30% of buyers said they could buy a home with actually seeing it in person, and 60% said they\u2019ve toured at least one home virtually since the pandemic began.<\/p>\n<p style=\"text-align: justify;\">However, one big potential roadblock in the path to homeownership is actually being able to qualify for a mortgage. According to the survey, 44% of buyers say they\u2019re worried about this because of the effect of the pandemic on their income. Of those, millennials and first-time buyers expressed the most concern.<\/p>\n<p style=\"text-align: justify;\">They aren\u2019t being helped by the fact that some lenders have began to tighten access to credit since the coronavirus emerged. The Mortgage Bankers Association reports that access to credit fell by 12.2% in April.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/realtybiznews.com\/consumers-more-eager-to-buy-homes-despite-covid-19\/98759047\/\" target=\"_blank\" rel=\"noopener noreferrer\">Consumers More Eager to Buy Homes, Despite COVID-19<\/a> by Mike Wheatley | Realty Biz News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home buyers aren\u2019t being scared off by the COVID-19 pandemic. On the contrary, 53% of those quizzed in a recent survey by LendingTree said they\u2019re more likely to buy a &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/06\/1st-time-homebuyers-millennials-are-the-most-eager-to-buy-homes-despite-pandemic\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-15879","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>1st-Time Homebuyers &amp; Millennials are The Most Eager to Buy Homes, Despite Pandemic &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2020\/06\/1st-time-homebuyers-millennials-are-the-most-eager-to-buy-homes-despite-pandemic\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"1st-Time Homebuyers &amp; Millennials are The Most Eager to Buy Homes, Despite Pandemic &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Home buyers aren\u2019t being scared off by the COVID-19 pandemic. 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