The past year has seen a noticeable seesaw in real estate activity as markets navigated the challenges of COVID. As 4.7 million millennials turned 30 and embraced homeownership, the demand for homes was driving prices higher.
The mid-March 2020 quarantines put a stop to most transactions, leading to a sharp drop in activity until June. As lockdowns were lifted, Americans reacted to social distancing, remote work, and dropping mortgage rates by rushing out of downtowns and into suburbs. We also saw an migration to smaller cities and towns across the country. People focused on communities with higher quality of life, larger homes and more affordable cost of living. In Denver we saw a large number of buyers looking for homes that provided more than apartment life.
Corken + Company has been working tirelessly to find the homes buyers are searching for, and we have seen clients navigate the current market and be content with their purchases.
A Few Statistics From the Pandemic Homebuyers:
- One-in-four recent homeowners purchased because of the pandemic
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Majority of recent buyers bid at or above asking price
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70% of recent homebuyers feel good about purchasing decision
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75% of recent homebuyers are happy with their homes
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Over 70% of recent homebuyers are happy with their communities and neighborhoods
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Three-in-four recent buyers bought a home that fits their needs
- Over half of recent buyers found homes suited for remote work
As we look to the current market we see younger generations taking part in home ownership and establishing themselves for further investments. Looking across generations, younger buyers found themselves competing for more affordable homes by having to bid above asking. Gen Zers posted the highest share, at 75%, followed by Millennials and Gen Xers, at 72% each, respectively.
Although some may look at the current prices of homes and be hesitant to buy, we can see clearly that those who have bought during the pandemic and further into 2021 are happy with their purchases. If now is the time for you to buy, contact us today and we will get you set up with one of our amazing agents.
Contributions from: realtor.com
