Home buyer tastes changed in 2020

Home buyer tastes changed in 2020

Home buyer tastes changed in 2020
There has been an apparent and radical shift in home buyer tastes and desires in 2020 as a global pandemic caused Americans to rethink their way of life and what kind of place, they call home. According to the National Association of Realtors’ 2020 Profile of Home Buyers and Sellers, buyer preferences have trended toward work-from-home accommodations, more space and the outdoors this year.

One of the most notable changes seen this year is a growing desire from buyers toward multi-generational homes – properties that include segregated living quarters for extended family. Fifteen percent of home buyers were more likely to purchase a multi-generational home this year, compared to 11 percent pre-COVID.

Prior to the pandemic taking hold in March, just 13 percent of sellers said they wanted to move to a home with more space. That figure jumped to 18 percent in the months that have followed.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.