The current health crisis is undoubtedly changing homebuyers’ needs and priorities and while this process is still ongoing, the 2020 American and Phoenix homebuyer profile is already taking shape.
After analyzing homebuyer searches on real estate marketplace Point2Homes.com before and after the pandemic hit, researchers discovered that the typical post-lockdown homebuyer is a millennial woman, looking for more space and willing to pay more for the right home.
Zooming in at city-level, here’s what Point2Homes.com found about homebuyers in Phoenix:
• Compared to the pre-pandemic period, searches for houses have increased by 5%, while condo searches have lost steam;
• While homes in the $200,000-$300,000 price range remain the most popular after the lockdown, there was an increase in interest for properties in the $300,000-$400,000 segment, which is above the city’s $292,000 median price;
• The new golden standard in Phoenix seems to be the 3-bedroom home, which is the only type of property that has seen an increase (13%) in searches. Also, interest in properties between 1,001 and 2,000 square feet rose the most (18%).
Here’s the link to the full study (by choosing the location on the interactive map you can see the data for a specific city): https://www.point2homes.com/news/us-real-estate-news/the-2020-us-homebuyer-profile.html