Here are some examples of how COVID-19 has impacted home-buying trends.
By now, you’ve likely heard about the national real estate market’s defiant performance over the past six or so months in the face of COVID-19. While we know that the health crisis seems to have strengthened the market, we’re still discovering more ways in which it has shaped home-buying behaviors.
One of the biggest changes we’ve seen in our real estate market as a result of the pandemic is that buyers are in more of a rush. Instead of looking at nine or 10 homes before making a decision, they’re at just three or four; they know that if they don’t jump on something they like, it’ll be gone in no time at all. Though there are fewer homes available for sale today than at any point in recent memory, the demand is still very, very high. What are all these buyers looking for?
Since a decent chunk of today’s buyers are having to work from home indefinitely, they’re paying a premium for home offices and studies. Properties with ample outdoor spaces for entertaining, relaxing, or cooking are attracting heavy interest. Multigenerational living spaces are becoming more popular than ever. Given various travel restrictions and general uncertainty, having the space to accommodate parents, grandparents, and other extended family members for the long haul is huge.
As you can imagine, properties without reliable or easily accessible internet connections are having difficulty impressing buyers who are spending larger and larger shares of their time online. Sellers: If your property has high-speed internet capabilities, include that in your marketing—it will matter to buyers.
In this era of COVID, commute time has become less important. Buyers think to themselves, “If I can secure the space that I need for myself and my family, then I don’t mind having to drive a few extra minutes here and there.” Speaking of ample space, we’re seeing more pet owners prioritize the needs of their four-legged friends. Why not give your dog—the loyal companion who doesn’t have to stay six feet away from you—a larger yard to run around in? Or, if you’ve been living in an apartment, why not give them a yard in the first place?
While COVID-19 did not directly cause this large wave of first-time homebuyers, historically low interest rates and a greater diversity of lending options certainly did. The craziness of the past year has led scores of renters to seek security in a home, and the purchasing power granted by low rates has made it possible. Ultimately, the pandemic has prompted more people to seriously reevaluate their current living conditions and dare to optimize them.
As always, reach out to The Misty SOLDwisch Team if you have questions about this or any other real estate topic. We’d love to hear about your specific buying or selling needs and find out how we can be of assistance to you. We hope to hear from you soon!