UWM Homeowner Study Shows Consumers are Shopping, Financing and Selling Homes Differently Amid COVID-19 Pandemic
New study shows despite economic uncertainty, 70% of consumers sold their house above asking price during pandemic
United Wholesale Mortgage, (UWM), #1 wholesale lender and largest purchase mortgage lender in America, announced the results from its 2020 COVID-19 homeowner survey. The survey was conducted by a third party to survey 1,000 U.S. homeowners in September 2020.
“Home is more important than ever today,” said Sarah DeCiantis, CMO of UWM. “So we responded to the need in the market by making rates in the two’s available for new homes, refinances and cash-out refinances available exclusively through independent mortgage brokers.”
Key findings include changes in home buying habits during COVID-19:
- Close to half of the consumers surveyed who moved to a new home moved to the suburbs since March 1, 2020.
- Since March 1, 2020 70% 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 one in four consumers surveyed who moved to a new home listed a pool as a top must-have feature.
- Of homeowners surveyed who are looking to create a virtual office space for working from home, 46% repurposed their dining room.
- Nearly 60% of those surveyed are starting or continuing home renovations in the coming year.
“We keep our fingers firmly on the pulse of what is happening in our industry to arm independent mortgage brokers with everything they need to help borrowers in today’s marketplace,” said DeCiantis. “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.”