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Whether you’re looking for information that will motivate you or potential clients, the “National Association of REALTORS®’ (NAR) 2020 Profile of Home Buyers and Sellers Report” is free and it is chock full of valuable details.
In addition to the usual demographic analysis, this year’s report includes two new sections about consumer behavior during the COVID-19 pandemic. Here are three observations about buyers who closed their sales after March:
- 15 percent of buyers found multigenerational homes, an increase of four percent,
- 18 percent of buyers said their original homes were too small, an increase of 5 percent,
- 5 percent of buyers didn’t physically see the home in person, compared to 3 percent.
“The coronavirus without a doubt led home buyers to reassess their housing situations and even reconsider home sizes and destinations,” said Jessica Lautz, vice president of demographics and behavioral insights at NAR.
“Buyers sought housing with more rooms, more square footage and more yard space, as they may have desired a home office or home gym,” she added. “They also shopped for larger homes because extra space would allow households to better accommodate older adult relatives or young adults that are now living within the residence.”
