Suburbs. High sales prices. And fewer dining rooms.
Another survey released Monday found that the housing market remains hot during the Covid-19 pandemic – with buyers moving to the suburbs and sellers continuing to get above asking price.
The survey, conducted on behalf of United Wholesale Mortgage, found:
- Nearly half of those surveyed who moved to a new home since March 1 moved to the suburbs.
- 70 percent of the people surveyed who purchased a new primary home also sold their old home, with nearly 3 in 4 consumers selling their home above asking price.
- Nearly 60 percent of those surveyed are starting or continuing home renovations in the coming year.
- Of those who are creating office space for working from home, 46 percent repurposed their dining room.
“This research shows us that cash-out refinances are more important than ever to borrowers who are staying in their homes and we plan to continue to monitor trends happening in the home buying, refinancing and ownership phases for borrowers as we continue to navigate these unprecedented times,” UWM Chief Marketing Officer Sarah DeCiantis said.