ROCKVILLE, Md. and KING OF PRUSSIA, Pa., June 15, 2020 (GLOBE NEWSWIRE) -- Bright MLS, the leading multiple listing service (MLS) in the Mid-Atlantic US representing 95,000 real estate professionals in Delaware, Maryland, New Jersey, Pennsylvania, Virginia, Washington, D.C., and West Virginia, today released the results of its National Homeownership Month Survey that details trends and shifts the real estate industry has experienced as a result of COVID-19. June is recognized as National Homeownership Month to celebrate the benefits that homeownership brings to families, neighborhoods and communities across America.
The survey revealed four key takeaways:
- There is a general desire for more space.
- Reliance on virtual technology has increased significantly.
- The real estate toolkit of the future will utilize new technologies, enabling remote home buying and selling.
- The interruption in the traditionally busy Spring buying season could result in extremely active Summer and Fall markets.
The following are the key trends from the 2020 National Homeownership Month Survey.
1. There is a desire for more space – more than thirty percent of buyers want a dedicated home office.
When asked which home features buyers are most interested in when looking for a home, there was an increase in a desire for more space since the pandemic began. These features include:
- A dedicated home office (31 percent)
- A bigger yard (26 percent)
- And a less dense neighborhood (21 percent)
Additionally, 7 in 10 respondents confirmed buyers are interested in purchasing single-family homes. Respondents also reported seeing a declining interest in condos since the COVID-19 outbreak.
2. Reliance on virtual technology to buy homes has increased – nearly a quarter of respondents state their clients would be comfortable entering a contract without stepping foot in the house.
More than half of respondents stated that their clients are more willing to explore new technologies when buying a home, with almost one in four real estate professionals stating their clients would be comfortable entering a contract on a home without stepping foot in it. This suggests a shift in how comfortable buyers are with using the new technology available to them, such as virtual tours.
3. The virtual real estate toolkit has emerged - seven in ten agents found virtual tours to be valuable
More than half of all real estate professionals surveyed shared that their skills have grown since the start of the pandemic. Seven in ten agents have found virtual tours to be valuable, with two-thirds stating they will continue to use virtual tours even after the COVID-19 pandemic. Respondents stated they will continue to use the following tools promoted through the Bright Steps COVID-19 Response Initiative:
- Online document signing service (95 percent)
- Web listings (78 percent)
- Virtual tours (64 percent)
- Video conference calls (62 percent)
- Bright MLS weekly data reports (52 percent)
- Virtual showings (52 percent)
4. The interrupted spring buying season could mean a shift to a strong summer/fall. Nearly eight in ten real estate professionals stated their clients were waiting to list their homes until after the COVID-19 restrictions had been lifted.
77 percent of real estate professionals surveyed stated their clients are waiting to list their homes until the COVID-19 related restrictions have been lifted. This correlates to the corresponding data Bright MLS has tracked in the Philadelphia market which shows that in the first three days of restrictions being listed, greater Philadelphia saw almost 1,900 homes come on the market.
As a result, Bright MLS expects a strong market recovery. Where the Spring market is traditionally the strongest season, in 2020 we can expect the late Summer/Fall housing market to flourish.
“COVID-19 has had a strong influence on Mid-Atlantic consumer attitudes as well as on the real estate market itself,” said Brian Donnellan, President and CEO of Bright MLS. “Real estate professionals’ playbook has evolved quickly and the manner with which they conduct their business has changed a great deal in a short period of time. Bright MLS will continue to support our subscribers and their consumer clients so they can continue to find success in this dynamic marketplace.”
For additional information on the Bright MLS 2020 National Homeownership Month survey, or to request an interview with Brian Donnellan, President and CEO of Bright MLS, or a real estate professional in your area who can speak to the hyperlocal market, please contact Hanly Heubeck at hanly.heubeck@warschawski.com or by phone at (443) 570-2983.
Survey Method Statement:
The survey, conducted online by Bright MLS between May 20-28, 2020, polled Mid-Atlantic real estate professionals within the Bright geographic footprint, including Delaware, Maryland, Washington, D.C., and parts of New Jersey, Pennsylvania, Virginia, and West Virginia, about the impact of COVID-19 on homeowners and prospective buyers in their area. Subscribers were notified of the opportunity to participate in the survey via Bright MLS websites and email communications. More than 1,100 Bright MLS subscribers participated in the survey.
About Bright MLS
The Bright MLS real estate service area spans 40,000 square miles throughout the Mid-Atlantic region, including Delaware, Maryland, New Jersey, Pennsylvania, Virginia, Washington, D.C., and West Virginia. As a leading Multiple Listing Service (MLS), Bright serves approximately 95,000 real estate professionals who in turn serve over 20 million consumers. For more information, please visit www.brightmls.com.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/be8b3c81-44d3-4a65-9f64-cd9b390639ea.