LendingTree: Pandemic and Low Rates To Push Sales Over The Next Year

A LendingTree survey reveals that 53% of potential homebuyers are likely to purchase a home in the coming year due to historically-low mortgage rates and the coronavirus outbreak. Of the 53%, 73% of that total are first-time homebuyers and 66% of that share represent millennials. 

Of those who are looking to purchase in the next year, 67% are looking to take advantage of the record-low mortgage rates. Meanwhile, 32% are looking to save a larger downpayment due to reduced spending brought upon by COVID-19. In addition, 30% are looking to take advantage of reduced home prices and 28% are seeking more space following stay-at-home orders.

The report also revealed that 44% plan on purchasing a less expensive home, while 28% have the opposite intentions. A recent study from the National Association of Realtors (NAR) found that 65% of those who attended an open house within the last year would still do so without hesitation. However, LendingTree found that 33% of those surveyed say they plan on taking a virtual tour.