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United Wholesale Mortgage's 2020 COVID-19 homeowner survey was conducted by a third party and surveyed 1,000 U.S. homeowners in September 2020, according to a press release. The survey revealed a number of key findings including moving patterns and reasons for purchasing a home.
Nearly half of the consumers who were surveyed said they moved to a new home in the suburbs since March 1, 2020, according to the report. Meanwhile, 70% of those surveyed who purchased a new home sold their old home and three out of four consumers sold their homes above the asking price.
Of the homeowners who were surveyed, 46% repurposed their dining room to create a virtual office space and 60% of those surveyed are in the process of starting or continuing home renovations in 2021.
"This research shows us that cash-out refinances are more important than ever to borrowers who are staying in their homes and we plan to continue to monitor trends happening in the home buying, refinancing and ownership phases for borrowers as we continue to navigate these unprecedented times," said Sarah DeCiantis, chief marketing officer for UWM.