Homebuyer Preferences For This Year

August 29, 2020
Last updated:
February 7, 2022
In This Article

The recent health crisis has wreaked havoc on the economy over the past few months. And even though it may have scared many sellers and buyers from making any moves in the housing market for a short period of time, it looks like the real estate market in WA, ID, OR, and CO, as well as across the nation, has picked up quite a bit.

In fact, the housing market is very healthy right now. Mortgage applications are relatively high right now, perhaps because borrowers want to take advantage of low interest rates that are being offered right now, though they are inching up.

And now, according to a recent study, it looks like homebuyers are excited about buying a home this year.

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Study Shows Buyers Are Optimistic About Buying a Home This Year

Consumers continue to be optimistic about buying a home in the current environment.

When asked about buying a home, more people are feeling great about this decision.

Here are some of the numbers gathered by the study:

  • 34% – Share of consumers who are much more optimistic about buying a home.
  • 21% – Share of consumers who are somewhat more optimistic about buying a home.
  • 33% – Share of consumers who believe there is no impact on their decision to buy a home.
  • 10% – Share of consumers who are somewhat less optimistic about buying a home.
  • 2% – Share of consumers who are much less optimistic about buying a home.

When it comes to how quickly the consumers polled want to make their home purchase happen, here are the numbers gathered:

  • 41% of homebuyers are accelerating their purchasing timelines today.
  • 15% are looking to buy later.
  • 44% report no change in their intentions to buy a home.

When it comes to saving money to buy a home in order to put more money towards a down payment, here are the numbers collected:

  • 63% of consumers are saving more money.
  • 12% of consumers are spending less because their income dropped as a result of the pandemic.
  • 25% of consumers are earning the same amount of money but are spending more.

Low Mortgage Rates Fueling Demand Among Buyers

As mentioned above, mortgage rates are their lowest right now, sparking more interest among buyers across the country. With a lower interest rate comes less money paid out for the mortgage over the life of the loan. This translates into a mortgage that’s much more affordable for buyers.

As of the week of February 7, 2022, the rate for a 30-year fixed-rate mortgage is 3.55%. For comparison purposes, rates were 2.73% the same time last year, and 4.94% in November 2018. So, rates are still quite a bit lower than they were 3 years ago, but they’re higher than they were at the same time last year, and they’re expected to continue to inch up.

In this low-rate environment, it makes sense for would-be buyers who may have been on the fence about buying a home to lock in at today’s low rates and keep tens of thousands of dollars in their pockets. And it seems we’re seeing this come to fruition thanks to these extremely low rates.

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Looking to Apply For a Mortgage?

If your needs have changed recently and you’re thinking of making a move, taking advantage of today’s low mortgage rates and any savings you may have accrued while sheltering in place is an opportunity you won’t want to miss.

Do you have questions about home loans? Are you ready to apply for a mortgage to buy a home? If so, Sammamish Mortgage can help. We are a local mortgage company from Bellevue, Washington serving the entire state, as well as Oregon, Idaho, and Colorado. We have been offering many mortgage programs to buyers all over the Pacific Northwest since 1992. Contact us today with any questions you have about mortgages.

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