We are seeing an explosion of activity in the real estate world that began last year and has shown no sign of slowing down. Indeed, as the pandemic pushes on, impacting economies globally, we can surely anticipate continued growth in the market. This buyer’s market is a roller coaster that only goes up for the time being. It seems to be a perfect storm of reasons why home purchases will be continuing in the upward trend for the foreseeable future. Families are reevaluating what home needs mean for them in the world we now live in. The following are some of the factors impacting the upswing in the market.
Extra time at home: While always a refuge from the world, the space where we live has in the era of COVID-19 have become much more central in importance to almost everyone. Combining mandatory and voluntary quarantine periods, caution has dictated far more hours spent within the four walls of home than any other time in memorable history. With so much spent time, families often begin noticing where gaps exist in creature comforts. Home hunters are therefore on the lookout to fill these voids, seeking out the perfect fit for their needs and wants.
Record low interest rates: With interest rates at jaw dropping lows under 3%, sometimes getting close even to 2%, the financial pros of home buying are hard to dispute. While technically a seller’s market, the low interest rates currently abounding for home loans puts the ball squarely in the buyer’s court in the way of advantages.
Work from home culture: The pandemic has altered the work situation for many. Employment has shifted to accommodate a home based office setting in the interest of both safety and cost effectiveness for employees in regions spanning the nation. As such, expanded floor plans or modified layouts are higher on the hit list of “must haves” for house hunters in recent months to meet those new needs.
Outdoor space: Even as entertaining and social gathering slowly begins to trickle back into what was the norm prior to the pandemic, people are approaching their regained freedoms with an understandable abundance of caution. Time spent home also leads to the unfortunate side effect of cabin fever and an overwhelming urge to find space to get out in nature or simply stretch your legs. To make get-togethers more easily done with safety in mind, and to make home more of an oasis, home buyers are seeking out properties with bigger acreage and/or easy access to outdoor amenities that fit the bill.
Renovation avoidance: Quarantine time has been spent for some homeowners with a eye to renovation to make their particular wants and needs a reality. For others, ho
wever, such a large undertaking is simply an undesirable amount of effort. Many want the convenience of a turn-key experience, getting what they want without the hassle, time, or expense of professional or DIY remodel work. From a seller’s perspective, the strong seller’s market makes the usual practice of costly renovation work to attract buyers is by and large minimized, as the demand for properties becomes more and more frenzied.
Home ownership needs are changing and the market is doing an admirable job of keeping up with demands of what today’s homeowner is seeking. Now is certainly the right time for home ownership and an experienced real estate professional is ideal liaison to making the process straightforward and seamless. Contact our offices today to set up a consultation for how to make the necessary first steps in your home buying adventure. Our experts are ready to make the dream come true for your family.
