2020 Buying Trends Every Home Seller Should Know
If your home has any of these features, today’s buyers will flock to it.
In the wake of the pandemic, people are obviously spending more time at home, and many are discovering that their current living arrangement leaves a lot to be desired. Outdoor spaces, for example, have hardly ever been as important as they are now in the era of COVID. Those who’ve spent the past several months pent-up in cramped apartments or condos are seriously reevaluating their priorities and what they’re willing to spend extra money on.
Others still are lamenting the lack of truly functional office space available in their home; transforming your dining room into a workspace for half of the day gets old very quickly. Those with small children have already realized the importance of working in a room that can be closed off by a door.
According to a survey done by the National Association of Realtors, 47% of people have an interest in purchasing a home in the suburbs; 39% have an interest in rural real estate; and 25% indicate a desire to live in a small town. It seems there’s been a reversal of the long-standing trend of Americans moving into cities. For many, 2020 is the year that dense urban areas lost their charm. Companies that were forced to give their employees a green light to work at home are realizing that they can still operate effectively and that remote work might be a permanent approach; those workers are now free to search anywhere in the country for their next home.
So, more buyers have entered the market and they’re looking for space. If you're a seller, will your house have what these buyers are looking for? Does it have a space that can accommodate a virtual learning environment for kids? Do you have that spare room that can house not just a desk, but a comprehensive workspace?
Here’s another big one: home gyms. Plenty of people need to be able to workout, as it benefits not only they’re physical health but their mental health as well. You don’t necessarily need to have a fully set-up gym (just the space for one), but that certainly helps. Does your backyard offer enough space for barbecues, lounging around, and family activities out in the fresh air?
Let’s narrow down buyer demand even further: 24% of buyers are looking for a home office; 15% are looking for space to accommodate family (be it just one older family member or a more diverse multi-generational arrangement); 13% are looking for a larger house in general with more personal space; 11% are looking for a yard in which growing vegetables; the rest of today’s buyers (8%) want yard space for exercising, great internet connection, a bigger kitchen, some acreage, and, of course, the coveted classic: a swimming pool.
As a seller, it’s important that you highlight these things if your home offers them. Hopefully you found these trends interesting, and maybe you’ll start looking at your home in a new, more marketable light. As always, reach out if you have questions on this or any other real estate topic; I’m more than happy to discuss things with you in more detail.