Due to the fact that people have spent more time in their homes than ever with COVID-19 restricting social capabilities, homebuyers are thinking differently now. Demand remains sky-high in our market, but sellers would do well to note how today’s home-buying trends are a departure from the past decade. Here’s a list of what homebuyers in our market currently want:
1. Properties with pools. With the closure of public pools this year (and the foreseeable future), families have been looking for ways to stay entertained all year long. Prior to 2020, we rarely saw buyers place a premium on homes with in-ground pools, but nowadays, this feature is at the top of many “must-have” lists. Some are even willing to pay more for a property that simply has a pool-ready lot.
2. Remodeled and turnkey properties. Many of the buyers we’ve been working with are saving up for a 20% down payment on a home purchase sometime in 2021 to bypass the burden of private mortgage insurance. However, just a 10% down payment on a $700,000 home doesn’t leave these buyers with much (if any) extra cash for renovations—especially when you factor in closing costs.
So, if a property needs $50,000 of out-of-pocket upgrades, it’s getting knocked off buyers’ lists right away; they’d rather pay that $50,000 in the form of a fully upgraded $750,000 home that’s move-in ready. In that scenario, their 10% down payment goes a lot further.
3. Properties with extra bedrooms and loft areas. More companies than ever before are greenlighting work-from-home arrangements for their workforces, so today’s homebuyers are looking for extra rooms that can be used exclusively as office spaces. Additionally, many schools have transitioned to remote learning, creating a need for dedicated learning spaces within the home. The roomier your home, the faster it will sell. This year alone, we helped five families sell their one- and two-bedroom properties so they could move up into larger, more accommodating homes.
There you have it—the three most important home features for today’s buyers. If you’ve been considering selling your home that has one or more of these features, it’s a fantastic time to jump into the market and capture this demand. If you’re a buyer looking for these things, be aware that competition is high, so you’ll need plenty of patience.
If you have questions on this or any other real estate topic, or you’re ready to start the buying or selling process, just give us a call or send an email. We’re here to help through the end of the year, and we’d love to hear from you.