Does Your Home Have What Buyers Are Looking For?
There’s an excellent opportunity for today’s homeowners to sell their houses and make a move, yet due to the impact of the ongoing health crisis, some sellers are taking their time coming back to the market. According to Javier Vivas, Director of Economic Research at realtor.com:
“Sellers continue returning to the market at a cautious pace, and further improvement is constrained by lingering coronavirus concerns, economic uncertainty, and civil unrest.”
For homeowners who need a little nudge of motivation to get back in the game, it’s good to know that buyers are ready to purchase this season. After spending several months at home and re-evaluating what they genuinely want and need in their space, buyers feel completely prepared and are in the market now.
Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:
“Several potential buyers noted stalled plans due to the pandemic, and that has led to more urgency and pent-up demand to buy…After being home for months on end – in a home they already wanted to leave – buyers are reminded how much their current home may lack certain desired features or amenities that they feel are mandatory.
The latest Market Recovery Survey from NAR shares some of the features and amenities buyers are looking for, especially since the health crisis has shifted many buyer priorities. The most common home features cited as increasingly important are home offices and space to accommodate family members new to the residence (See graph below): The survey results also show that among buyers who indicate they would now like to live in a different area due to COVID-19, 47% have an interest in purchasing in the suburbs, 39% cite rural areas, and 25% indicate a desire to be in small towns.
As we can see, buyers are eager to find a new home, but there’s a big challenge in the market: a lack of homes available to purchase. Danielle Hale, Chief Economist at realtor.com, explains:
“The realtor.com June Housing Trends Report showed that buyers still outnumber sellers which is causing the gap in time on the market to shrink, prices to grow at a faster pace than pre-COVID, and the number of homes available for sale to decrease by more than last month. These trends play out similarly in the most recent week’s data, with the change in time on the market being most notable. In the most recent week, homes sat on the market just seven days longer than last year, whereas the rest of June saw homes sit two weeks or more longer than last year.”
In essence, home sales are picking up speed, and buyers are purchasing them at a faster rate than they’re coming to the market. Hale continues to say:
“The housing market has plenty of buyers who would benefit from a few more sellers. If the virus can be contained and home prices continue to grow, this may help bring sellers back to the housing market.”
If you’re considering selling and your current house has some of the features today’s buyers are looking for, let's connect. You will likely be able to sell at the best price in the least amount of time and will be able to take advantage of the low-interest rates available right now when buying your new home.
CLICK HERE to set up a consult where we can discuss the value of your home and all the amenities it offers. This isn't the time to feel pressured into a sale, so there will be no high sales tactics used. I'm here to help you so when the day comes that you're ready to begin your journey, you have some knowledge under your belt and you've gotten to know what kind of an agent I am. This will make your entire experience a little less stressful.
CLICK HERE to learn about the different types of loans available, and which would work best for you. If you would like to speak to a lender and ask specific questions I am happy to have one call you or I can provide contact information. The lender I use is Joe Spisak of Team Spisak, Waterstone Mortgage in Libertyville, IL. He has never disappointed me. His level of customer service with my referred clients has always been excellent. He has a great sense of humor and has a way of explaining things that will put you at ease. If you want a lender you can trust, he's the guy.