COVID-19-related concerns were most disruptive to timelines, according to recent research
AUSTIN, Texas, Sept. 02, 2021 (GLOBE NEWSWIRE) — Real estate tech company OJO Labs today announced the release of a new report exploring the top concerns among homebuyers looking to enter the market. The study identified a continuation of rising home prices as the top fear among prospective buyers. A fear that inventory would continue to decline — at a time when the number of homes for sale is already at historically low levels in metros across the nation — was the second biggest fear, according to buyers, with 37.4% citing it as their top concern.
OJO Labs conducted a survey of over 200 recent buyers in the throes of an unprecedented surge in housing prices, which climbed 10.4% from July 2020 to July 2021, according to sold data from Movoto by OJO, the OJO Labs home search site. Key findings from the resulting report include:
- Fear of rising prices expedited timelines: 38.8% of homebuyers cited rising home prices as their top fear and scored it, on average, a 6.13 out of 10, in terms of how fearful they were. Fear of rising home prices expedited the timeline of buying, on average, by roughly 18 days.
- Pandemic had the biggest impact on timelines: Only 23.3% of buyers cited COVID-19-related fears as their top concern, but the pandemic had the biggest impact on timelines. COVID-19 and the difficulties associated with the pandemic delayed buyers’ timelines on average by more than five weeks.
- Financial-related fears remain: Financial-related fears, such as taking on too much debt, were clustered in the middle of the list with between 21% and 23% of respondents choosing a financial-related fear in the top slot. These fears ultimately didn’t have a major impact on timeline.
- Process continues to overwhelm homebuyers: General fear of the homebuying process, especially being overwhelmed by various parts of the process, was only the top fear for 19.4% of respondents, however it routinely scored in the upper half on the fear scale, averaging 5.1 out of 10.
“From challenges brought on by the pandemic, to sky-rocketing prices, buying a home in 2021 can feel incredibly intimidating,” said Patrick Kearns, Director of Storytelling at OJO Labs. “With this data, we’re able to better understand the challenges homebuyers are facing, and ultimately provide personalized guidance to help every consumer navigate the specific challenges they bring to the homeownership journey, taking key steps to knock down structural barriers.”
The OJO Labs fear survey surveyed a diverse cohort of 200 individuals, representative of the population, who had purchased homes in the past 12 months. Since the respondents were able to choose more than one fear as their top fear, the top fear column adds up to more than 100%.
See the full report here.
About OJO Labs
OJO Labs envisions a world where everyone has what they need to own a home. Today, homeownership isn’t within reach of everyone. OJO Labs aims to close that gap so that all people — regardless of race, class, or gender — can experience the physical, financial, and emotional haven that home provides. We match each real estate moment, so everyone feels ready, equipped, and inspired to take the next step.
OJO fuses machine intelligence and human expertise to provide each individual with personalized guidance as individual as they are. Through a deep understanding of each customer’s needs and preferences, OJO delivers tailored support and insights. Our residential search site, Movoto by OJO, provides personalized recommendations and highlights listings best suited to your needs and preferences, so you never miss a home that might be the right fit. Digs by OJO, our personal finance tool, helps you uncover hidden savings, monitor equity, and plan for the future, whether you’re managing your home as an asset or identifying the right time to sell. We also have a network of top-rated real estate professionals, and will match each customer with the expert who can best support their individual journey.
Whether you’re buying, selling, or managing your home as an asset, OJO is a lifelong solution that helps everyone move forward when the time’s right — with support, knowledge, and confidence. For more information, please visit OJO.com, movoto.com and digs.co.
Media Contact
Patrick Kearns
pkearns@ojolabs.com
