How Coronavirus Has Impacted Home Buying

Impacts of Coronavirus

The COVID-19 pandemic has impacted everyone in many different ways. From having to quarantine, working from home, schooling from home, workouts from home, it’s easy to say that people are spending more time in their homes. This has led many people to wanting a home with more space or designated areas for certain activities. We have gathered some statistics on this topic.

Changes in Planning to Buy a Home

Three-quarters of homebuyers who plan to buy a home within the next 12 months say the coronavirus pandemic has impacted their home buying plans: 25% said it caused them to move or speed up their timeline, 20% said it caused them to delay moving plans and 17% are now looking for a less expensive home. Specifically:

  • 16% said the pandemic has caused them to want to move
  • 15% said it caused them to move sooner than originally planned
  • 6% chose both options

Home Preference Changes

  • 21% want a designated area to work from home
  • 21% want more outdoor space
  • 10% of respondents now want a bigger home
  • 7% want a designated space for children to learn from home

Why Changed Plans?

  • Of people planning to move, 55% said low mortgage rates are a factor in their changed plans
  • 52% said spending more time at home is a factor
  • 40% said working from home contributed to their desire to move

If the Coronavirus pandemic has caused your family to be spending more time at home and you’re now thinking about looking for a home with more space, Rountree Realty is always here to answer any questions you may have and help achieve your real estate goals during these crazy times.

Boost Credit Scores with Rental Payment History

Did you know? Experian became the first credit reporting agency to add on-time rental payments to its database. Rental payment data being added to credit files can potentially help renters become homeowners and we can only hope the other credit agencies will follow suit. For many Americans establishing credit can be difficult because many credit card companies and retail stores are not approving credit applications as easily as in past years. Potential buyers are now going to see they will have a credit score and hopefully help them achieve a lower risk category too, Experian says. “Consumer financing rapidly changed during the economic upheaval, and regulatory changes forced lenders to tighten the standards for the underwriting process,” says Genevieve Juillard, president of Experian Consumer Information Services. “This excluded many Americans from the opportunity to attain credit due to a limited or no credit history. Residents who pay their rent on time month after month should be rewarded and not overlooked simply because they rent instead of own the place they call home.”

Experian recently conducted an analysis to determine how the new rental information has aided consumers’ credit files. The study shows that the addition of rental history on a subprime mortgage moved the participant up at least one higher(or less risk) by the addition of the newly added field. What does this mean for potential buyer? It means more affordable credit and additional credit opportunities.

To read more about the lead being taken by Experian click here>>>>>>Experian-rentbureau-credit-for-rent-analysis

 

“Real difficulties can be overcome; it is only the imaginary ones that are unconquerable.”

– Theodore Newton Vail U.S. telephone industrialist

Source: http://realtormag.realtor.org/daily-news/2014/08/08/study-rental-payment-history-can-help-boosts-credit-scores?om_rid=AAEWoH&om_mid=_BT5TNOB87s9Kmy&om_ntype=RMODaily