In June of 2022, Matterport issued a global survey to check the pulse on consumer preferences in seven key global markets in the face of a shifting post-pandemic residential real estate market.
With interest rates in the United States hovering around 7%, combined with economic uncertainty, buyers have become a bit more hesitant with many taking a wait-and-see approach on purchasing a home. Some homeowners have also expressed a hesitation to sell as prices are decreasing and the prospect of obtaining a new mortgage loan for themselves would likely entail a higher interest rate. As a byproduct, the residential real estate market has slowed with listing prices dropping in some markets and buyer activity returning to pre-pandemic levels.
Despite a slowing in the market, the Matterport survey did find that many of the market shifts and consumer preferences that took place as a result of the pandemic have retained their importance in the buying process.
To navigate this changing market landscape, residential real estate professionals are seeking strategies and adopting tools that increase visibility for their properties to buyers, accelerate sales cycles, and provide a competitive advantage for the entire sales cycle including winning listings, marketing those homes, then closing those sales.
Here are our findings for the residential real estate market in the United States:
Remote Work Isn’t Going Away
In a post-pandemic market, buying trends are still strongly influenced by making accommodations for remote work
41% of home purchases were driven by the need for more space
35% of home purchases were inspired by the need to support remote work
34% of buyers who purchased a home in the last two years relocated more than 50 miles from their previous home
Digital Twins Engage Buyers
For real estate professionals, these trends present an opportunity to close sales with the adoption of technology that casts a wider net to attract and accommodate a larger amount of buyers from a wider geographical radius:
31% of buyers spent more time viewing listings with virtual tours
30% of respondents made an offer on the property sight unseen
62% of buyers surveyed stated that virtual tools would be an essential resource for future purchases
Digital Twins Close Sales
89% of respondents stated that virtual property tours were an important part of their purchase decision
52% of respondents indicated that there was a virtual tour of the listing they ended up purchasing
33% of buyers made their purchase sight-unseen
Maintain a Competitive Advantage
As the real estate market tightens and becomes more competitive it is essential to leverage tools and processes available to ensure your business remains competitive. Matterport digital twins are proven to shorten sales cycles by reaching a broader range of buyers and providing buyers with the data they need to make a confident and informed buying decision.