Survey: Buyers still looking to buy homes this year but want online tools

A recent survey by Zolo shows that even with higher unemployment and uncertain business conditions, buyers still intend to find the dream of their homes.

According to the survey, which polled over 2,100 North American households between April 15 to 17, 2020, respondents reported no significant change in their plans to buy a home with 47% planning on buying within the next five years, and another 16% planning to purchase this year.

Buyers are interested in purchasing this year because they see an opportunity to get into a home at a discounted price, with many expecting a 5% to 10% drop in the purchase price.

Millennials appear most optimistic about the purchase of a home, with 30% planning on buying a home in two to three years (16% plan on buying in 2020).

Prior to the pandemic, a few tech-savvy real estate brokerages, such as Zolo, were already making the transition to a mobile-friendly home-shopping experience.

Turns out, buyers were waiting for this nudge into the virtual world. Those that wanted an entirely online home buying experience included:
*50% of Gen Z
*53% of Millennials (between 25 and 39)
*53% of Gen X (aged 34 to 54)
*49% of Baby Boomers

Still, all buyers still overwhelmingly preferred the option of working with a Realtor (48%) and many still wanted to attend an open house (35%); however, 38% would use a mobile app, 34% would use virtual tours or pre-scheduled video walkthroughs and another 10% wanted access to professional square-footage floor plans (multiple responses allowed).

"There's no doubt, the real estate market came to a standstill because of COVID-19 and the resulting economic impact," says Romana King, director of content at Zolo, and an award-winning columnist and real estate expert. "But it doesn't appear as if buyers have soured on the idea of homeownership. For many homeownership is still the cornerstone of financial stability."

For raw results go to: https://drive.google.com/drive/folders/1lplJG4nJfcV4sHGxZ...

The findings of the Zolo Homebuyers Intentions Survey are based on an online survey conducted by Zolo.ca between April 15 to 17, 2020, of 2,128 respondents who live in North America. The estimated margin of error is +/- 2.12 percentage points, 19 times out of 20.

Zolo
88 W Pender Street
North Vancouver, BC
V6B 6N9
Romana King
Director of Content
romana.king@zolo.ca
416-895-5407

About Zolo
Zolo is the leading independent real estate marketplace in Canada. Each month, more than 9 million buyers and sellers start their real estate search using Zolo. As a tech-disruptor and largest national brokerage, Zolo provides users with the data and resources needed to make better-informed property decisions.
www.zolo.ca

This release was published on openPR.