New eXp Realty Study Shows a Large Majority of Consumers Believe Owning a Home Is More Important Because of the Pandemic
— People Are Saving More and Willing To Give Up More To Buy a Home —
BELLINGHAM, Wash. — Aug. 26, 2021 — A new study from eXp Realty and The Center for Generational Kinetics, Emerging Real Estate Trends 2021 National Study, reveals current trends in the homebuying process and surprising statistics that illustrate what is important to homebuyers. According to the national study, 73% of survey respondents say owning a home is more important now because of the pandemic, and 80% would give up gourmet coffee or dining out for a year to be able to buy a new or better house.
This is especially true for millennial homeowners and homebuyers – the largest segment of homebuyers among all age groups – as 80% of millennials say that owning a home is now more important to them than before the pandemic, a change in importance that is significantly more than older generations. More than three-quarters (77%) of younger millennials (26-34) have a weekly, monthly or yearly savings goal, more than any other generation, and 64% of older millennials (35-44) say they are saving more since the start of the COVID-19 pandemic, again more than any other generation.
The findings are part of the Emerging Real Estate Trends 2021 National Study that surveyed more than 2,000 people who plan to buy or sell a home in the next year or who have bought a home in the last year. According to the study:
Real estate professionals, especially “tech-savvy” agents, combined with digital resources are key in the homebuying experience.
- 86% say real estate agents are important or very important to the homebuying process.
- 61% of new homeowners and shoppers are more likely to ask about a real estate agent’s technology resources and tools compared to before the pandemic, and the vast majority of respondents say having a “tech-savvy” agent is important or very important across all areas of the homebuying process including searching for and finding the right home (86%), understanding the housing market (85%), negotiating the best price and terms (84%) and understanding one’s financial options (83%).
- 40% of all new homeowners and homebuyers, and almost half (48%) of millennials reported they were likely to buy or sell a home without any in-person visits.
- 71% are comfortable buying a home completely online (utilizing a mix of technology such as email, Zoom, video calls, etc.).
Older millennials place a greater importance on buying a house versus paying off other debt and seek a new path to purchase.
- 65% of older millennials (35-44) say buying a house or paying off a house is more important to them than paying off other debt they may have.
- Older millennials feel more comfortable than other generations meeting with their real estate agent in non-traditional settings including in co-working office spaces, at a coffee shop or restaurant, or virtually via video conference.
- 51% of this same group say real estate agents should be required to make all of their services virtual so they don’t have to meet in-person.
Homeownership by age 40 is an essential goal, and additional costs are top of mind.
- 87% of respondents say buying a house is a financially smart decision and that people should be homeowners or should be trying to buy a home by age 40.
- When it comes to buying and owning their own home, 79% say they are most concerned with property taxes, followed by overpaying (77%) and home maintenance and repair costs (76%).
- When asked what is important in shopping for a new home, 91% cited having a good credit score, 90% said finding the desired style or size house, and 85% cited low interest rates as important factors.
“It’s encouraging to see the level of commitment, especially savings habits, among people who want to own their own home,” said Jason Gesing, CEO of eXp Realty. “The trends and priorities revealed in this study show that the American dream of homeownership is alive and well. And it’s clear that homebuyers still very much want a real estate agent – and ideally a tech-savvy agent – to guide them through the homebuying process. Even with more virtual options at our fingertips, a good real estate agent is key for consumers.”
More findings and the complete study results can be found at Emerging Real Estate Trends Report | eXp Realty.
eXp Realty is owned by eXp World Holdings, Inc. (Nasdaq: EXPI) and is one of the fastest-growing residential and commercial real estate companies in the world. The Center for Generational Kinetics is a leading research and strategy firm focusing on the unique characteristics, differences and consumer behavior among various generations.
About eXp World Holdings, Inc.
eXp World Holdings, Inc. (Nasdaq: EXPI) is the holding company for eXp Realty, Virbela, Showcase IDX and SUCCESS Enterprises.
eXp World Holdings and its global brokerage, eXp Realty, is one of the fastest-growing real estate tech companies in the world with more than 62,000 agents in the United States, Canada, the United Kingdom, Australia, South Africa, India, Mexico, Portugal, France, Puerto Rico, Brazil, Italy, Hong Kong, Colombia, Spain, Israel and Panama and continues to scale internationally. As a publicly traded company, eXp World Holdings provides real estate professionals the unique opportunity to earn equity awards for production goals and contributions to overall company growth. eXp World Holdings and its businesses offer a full suite of brokerage and real estate tech solutions, including its innovative residential and commercial brokerage model, professional services, collaborative tools and personal development. The cloud-based brokerage is powered by an immersive 3D platform that is deeply social and collaborative, enabling agents to be more connected and productive.
For more information, visit devexpworld.wpengine.com.
About The Center for Generational Kinetics
The Center for Generational Kinetics, LLC (CGK) is a global research and strategy firm based in Austin, Texas. CGK’s focus is leading original research that uncovers important insights into rapidly emerging consumer, employee and technology trends. CGK’s PhD-led research team has worked with more than 700 clients around the world. Its team of experts have been featured as guests on over 200 television interviews. For more information, visit GenHQ.com.
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