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A survey conducted by Zillow found that 70% of homeowners would be more comfortable moving to a new home after widespread COVID-19 vaccine distribution. This is a significant increase from the 52% who held the same sentiment and now amounts to homeowners in more than 14 million homes.
Additionally, the report found that of the homeowners who said the vaccine would impact their decision to sell, 78% said they believe it will make them more likely to move, according to a press release. Previously, Zillow predicted that 7 million homes would be up for sale in 2021, close to 25% more than 2020. The company predicts seller confidence to increase in a time of high demand, a turn of events from last fall when Zillow reported that financial anxiety and ongoing uncertainty were keeping would-be sellers dormant. Now, 25% of homeowners reported their life or financial situation was too uncertain in January 2021 compared to 29% in November 2020, according to the report.
With the accelerated demand for homes and the development and adoption of technology to streamline the homebuying and loan application process, home sales could rise at an even more rapid rate than in 2020.
"We expect that the vaccine rollout will likely boost inventory, as sellers become increasingly willing to move despite COVID-19 -- resulting in greater numbers of new listings beginning this spring," said Chris Glynn, principal economist at Zillow, according to the release. "That injection of inventory could give buyers more options and breathing room in a competitive market. The vaccine, however, will also likely add to already-strong demand, given that most sellers will become buyers as they trade in for a home that better suits their new needs."
According to the release, millennials are aging into their peak homebuying years. Additionally, the freedom to work remotely, low mortgage rates and affordable housing options across the country are ramping up demand as the big buying season nears.
Click here to learn more from the report.