June is National Homeownership Month, which celebrates the benefits that homeownership brings to families, neighborhoods, and communities across the United States. Bright MLS, the leading multiple listing service (MLS) in the Mid-Atlantic representing 95,000 real estate professionals in Delaware, Maryland, New Jersey, Pennsylvania, Virginia, Washington, D.C., and West Virginia, recently released the results of its National Homeownership Month Survey, conducted online May 20–28, that details trends and shifts the real estate industry has experienced as a result of COVID-19. More than 1,100 Bright MLS subscribers participated in the survey.
Here are four key takeaways from the survey:
1. There is a desire for more space.
When asked which home features buyers are most interested in when looking for a home, there was an increase in a desire for more space since the pandemic began. These features include:
- A dedicated home office (31%)
- A bigger yard (26%)
- A less dense neighborhood (21%)
Additionally, 7 in 10 respondents confirmed buyers are interested in purchasing single-family homes. Respondents also reported seeing a declining interest in condos since the COVID-19 outbreak.
Courtesy Bright MLS
2. Reliance on virtual technology to buy homes has increased significantly.
More than half of respondents stated that their clients are more willing to explore new technologies when buying a home, with almost one in four real estate professionals stating their clients would be comfortable entering a contract on a home without stepping foot in it. This suggests a shift in how comfortable buyers are with using the new technology available to them, such as virtual tours.
3. The virtual real estate toolkit has emerged as seven in ten agents have found virtual tours to be valuable.
More than half of all real estate professionals surveyed shared that their skills have grown since the start of the pandemic. Seven in ten agents have found virtual tours to be valuable, with two-thirds stating they will continue to use virtual tours even after the COVID-19 pandemic. Respondents stated they will continue to use the following tools promoted through the Bright Steps COVID-19 Response Initiative:
- Online document signing service (95%)
- Web listings (78%)
- Virtual tours (64%)
- Video conference calls (62%)
- Bright MLS weekly data reports (52%)
- Virtual showings (52%)
4. The interrupted spring selling season could mean a shift to a strong summer and fall for housing.
In response to the survey, 77% of real estate professionals stated their clients are waiting to list their homes until the COVID-19 related restrictions have been lifted. This correlates to the corresponding data Bright MLS has tracked in the Philadelphia market, which shows that in the first three days of restrictions being lifted, greater Philadelphia saw almost 1,900 homes come on the market.
As a result, Bright MLS expects a strong market recovery. Where the spring market is traditionally the strongest season, in 2020 we can expect the late summer/fall housing market to flourish.
“COVID-19 has had a strong influence on Mid-Atlantic consumer attitudes as well as on the real estate market itself,” said Brian Donnellan, president and CEO of Bright MLS. “Real estate professionals’ playbook has evolved quickly, and the manner with which they conduct their business has changed a great deal in a short period of time.
