COVID Has Accelerated Millennials’ Homebuying Timeline

By
Real Estate Broker/Owner with Home Buyers Realty BRE 01247457

There’s no denying that COVID-19 has changed real estate in the US in terms of how people look at homes, but it’s also changed who is looking—the pandemic is driving more millennials into the market.

According to a recent survey from realtor.com and HarrisX, nearly half of the millennial respondents said that the COVID-19 pandemic has driven them to make a home purchase sooner than they originally planned.

So, why has COVID pushed millennials to shorten their original homebuying timeline? 63 percent said they planned on buying a home because they’re now working remotely (which offers more flexibility in a home search), while 68 percent said that shelter in place orders helped them save for a down payment. COVID and the shelter in place orders also made a good percentage of millennials realize they wanted something more out of their living space, with 26 percent saying they’re tired of their home—and that their dissatisfaction is driving their desire to purchase a home.

The Takeaway:

What does this mean for you? COVID has pushed a number of millennials to make their dreams of homeownership a reality—so, if you’re a millennial with the same dream, now is a great time to make a move and buy a home.

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