What Buyers Want
Now, everyone can come together and agree that the past 18 months have been a little crazy. Whether it is the real estate market, mass layoffs, and toilet paper shortages, the pandemic has changed a lot. While some of these changes will go back to normal (hopefully), some are here to stay. What we have realized as real estate professionals is that the market has changed, and probably forever. But with that being said, what is the one thing buyers really want?
Buyers Want Space
Due to the pandemic, most people were either let go, or, if they were lucky enough, sent to work from home. This remote work is one key factor in driving what home buyers, whether first-time home buyers or move-up buyers, are looking for. Remote work is here to stay, meaning commutes are no longer a thing people are willing to do. As many companies have and continue to push back their reopening, or even canceled them altogether, many buyers are looking to move away from the cities.
By The Numbers
For sellers or empty-nesters looking to downsize, the market has never valued your home more. Home prices of all categories have gone up, some as much as 20%. The rise in home prices not only helps sellers, but tremendously benefits those that have extra room. Sellers that have extra room that they no longer need are a buyers dream. According to research done by Garter Inc., “66% of organizations have delayed reopening offices due to the new Covid-19 variant.” A whopping 66%. That is 2/3rds of worked who are still working from home 18 months later.
According to another research based company, PricewaterhouseCoopers, almost 20% of all workers are seeking full-time remote positions. These employees are seeking more flexibility in their schedules and have adapted to the work-from-home life. According to more research by the same company, more than 1 in 10 employees looking for new jobs say they have moved from their offices. These workers who have moved away from offices would also prefer to not go back to an on-site job.
What Buyers Want Bottom Line
With the mass exodus in on-site workers, there has never been a higher demand for at home work space. Because of the work-from-home mentality that many buyers possess now, at-home office space is leading many buyer’s searches for homes. Nowadays, buyers want a place at home to work from that is comfortable. According to research done by the American Institute of Architects, around 70% of people surveyed want at least one home office. The same research shows that people often times would prefer having more than one place to work in their homes.
Sellers who are on the verge of making the leap to downsizing have never been favored more in this market. For sellers that have extra space, this is one of the most opportune times to sell in recent history. Before selling your home though, check out our buying and selling roadmap. Also, before taking on a project that is too big or expensive, take a look at the top 3 upgrades that will help increase home value. And do not be afraid to use a real estate professional, as they can help you with all of the preparing to list your home. Remember, real estate agents provide value and can almost guarantee a quicker closing and more money at that closing table.