Last week the National Association of Realtors (NAR) released the 2020 Profile of Home Buyers and Sellers Report, and the findings weren’t too surprising. By and large, in 2020, the coronavirus pandemic pushed buyers toward larger homes in the suburbs, as they try to accommodate more people and activities.

As many people switched from in-person to remote working and learning, housing with more rooms, more square footage, and more yard space were at the top of buyers’ lists.

Why are buyers going big? Larger homes can better accommodate adult children, as well as elderly parents moving in. Before the pandemic, multigenerational home purchases represented about 11% of sales, but that went up to 15% in the months since March. Other highlights from the report include:

·       Buyers who purchased a home after March were more likely to relocate to the suburbs, and nationally they paid an average of $339,400 versus the $270,000 before the pandemic. But the survey found buyers don’t expect to stay in their new homes as long, about 10 years on average compared to 15 years before April.

·       That could reflect the average age of the buyers, 55, an all-time high. The average age of first-time buyers was 33, and they represented 31% of total purchases during the pandemic, down from 33% in 2019. Their share of purchases is the lowest since the 30% share reported in 1987.

·       Only one-third of purchases were made by buyers with children under age 18, a record low and down from 58% in 1985. A record share of home searches, 97%, originated online this year, and the average time buyers spent looking for a home fell to eight weeks from 10 weeks last year. That’s the shortest time required since 2007.

If you’re ready to find a house that gives you more room to spread out, there are some great options in the Denver metro area. Give Metrowest a shout today and let’s explore your options!