84% of Homebuyers Still Happy with Pandemic Home Purchase, According to Zolo Survey
North Americans feel overwhelmingly positive about buying a home iduring the pandemic.
Homebuyers listed ability to customize space and wealth building as the best parts of buying a home in the pandemic.
Needing more space and being tired of renting where the top motivators for buying a home during the pandemic.
North American homebuyers don’t regret their decision, even those who moved long distances or paid over listing price.
The pandemic disrupted supply chains across the globe, but it also brought on a wave of homebuying for North Americans. Zolo, a Canadian real estate marketplace, asked 1,183 respondents who bought homes during the pandemic how life has been since their purchase. Here’s what they found:
60% of first-time homebuyers said that the pandemic affected their decision to buy a home
55% of all homebuyers felt the pandemic played a part in their purchasing decision
Homebuyers Motivated by a Sense of Security and Permanence
Part of the homebuying wave during the pandemic was due to changes in buyer motivations. Zolo’s survey respondents identified three key motivators for their purchase choices:
52% wanted the flexibility that comes from designing their own space
49% wanted the opportunity to build wealth and invest
47% wanted a sense of safety and security
Homebuyers Who Made Long-Distance Moves Still Satisfied
Long-distance moving became a new phenomenon during the pandemic, as jobs became permanently remote, removing the need to be physically close to the office. But how did homebuyers who moved long distances fair?
Zolo’s survey showed that 85% of respondents who moved at least 100 kilometres (62 miles) to a new home are still happy with their decision. Of those who moved to a different province, 91% are satisfied with their purchase.
Homebuying during a pandemic looked different. Instead of open houses, virtual viewings became the norm. Homebuyers who followed a non-traditional purchasing path were still happy with their choices.
Of respondents that offered over the list price, 84% were still happy they made the purchase
When buyers bought a property sight unseen, 79% were still pleased with their choice
Of buyers who waived essential conditions, 58% were satisfied with that decision
About Zolo
Zolo is one of Canada’s most popular national real estate marketplaces. Over 10 million home shoppers each month use Zolo to level up how they buy, sell, rent, finance and learn about real estate.
Press Contact
Jordann Kaye, Content Marketing Manager and Spokesperson, jordann.kaye@zolo.ca
Ph: 902-401-0610
Jordann Kaye
Zolo.ca
+1 902-401-0610
jordann.kaye@zolo.ca
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