Homebuyers during the pandemic capitalized on low mortgage rates but now express regret for rushing into purchases amid competition. Housing sales surged in major cities, with 16.8 million existing homes sold at a median price of $309,000 between 2020 and 2023. Changing attitudes reveal 91% of surveyed homeowners are contemplating selling due to pandemic-related decisions, with many viewing 'forever homes' as unattainable and instead seeking temporary solutions. Control and convenience have become paramount in future housing choices.
The pandemic offered first-time buyers and repeat buyers the opportunity to lock in a low mortgage rate on a new home, and many took advantage.
However, the massive influx of buyers led to a highly competitive market, which forced home shoppers to make decisions much faster than many would have liked.
The attitude has shifted, and at least 91% of people surveyed for an Opendoor report say pandemic-era mistakes have since influenced them to consider selling their homes.
The idea of a 'forever home' feels unrealistic for those surveyed. At least 68% of home sellers no longer see that as attainable.
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