Survey finds home buyers ready to jump, as COVID-19 restrictions ease

By KYW Newsradio 1060
PHILADELPHIA (KYW Newsradio) — The results of a new survey find that people are ready to start buying houses again in the Philadelphia region as COVID-19 restrictions are easing. And they’re looking for partners to help make it happen.

The survey, commissioned by WSFS Bank, found potential buyers among all age categories — Millennials, Generation X and Generation Z — are ready to make a move in the next six months.

Jeff Ruben, divisional president of WSFS mortgage, says it's a sign of healthy demand.

“There was a heavy demand for homes prior to the pandemic,” Ruben said. “Clearly with things loosening up, and the restrictions being lifted, that demand has only manifested itself even more so.”

However, Ruben said, the study found these potential buyers are anxious about making this leap on their own.

“Folks still want that hand-holding that’s associated with getting to know a realtor, getting to know your mortgage lender, making sure that you have a true professional in your corner,” he said.

“And we believe that survey reinforces what we’ve always felt, that a well prepared buyer, someone who has, as they say, all their ducks in line — and they have their financing down — the road already is going to be much more appealing to a seller in this market.”

He said there’s another factor driving potential buyers’ desires to make their move sometime this summer or fall: low interest rates.

“We’re at historic lows, clearly historic lows, in the form of mortgage financing," he said.

Ruben said he expects, as the real estate industry ramps up operations in the coming weeks, more sellers who were holding back because of the pandemic will surface and list their homes for sale.