Characteristics of the new American home buyer
John Burns Real Estate Consulting is predicting "The Great American Move" as states, counties and cities around the country slowly reopen. Home builders can capture pent-up demand from apartment dwellers, in-migrants (including city dwellers moving to suburbs), families wanting more space, and residents relocating to new jobs.
Several factors are expected to contribute to the surge, including safety reasons, financial prospects, life change improvements, personal comfort, and employment. Low mortgage rates, and a hyperawareness about living environment are also factors.
Researchers from Burns identified several characteristics of pandemic purchasers, including
- They prefer suburban.
- They are serious! They are knowledgeable, tech-savvy, and pre-qualified.
- They are impatient. They are choosing ready-to-move-in inventory over to-be-built homes, even in the luxury segment