Post-Pandemic Homebuyers Are Looking For Versatility

Post-Pandemic Homebuyers Are Looking For Versatility

Our real estate market has experienced many changes over the past year. In fact, the housing market has led the nation’s post-pandemic economic rebound! This year the real estate market has been dominated by low inventory, eager buyers, and historically-low mortgage interest rates. 

In this atmosphere, home buyers have been seeking to balance desired home features, location, family considerations, prices, and expectations for the future. This has created some shifting preferences for home versatility, space, and flexibility with today’s homebuyers. Extended/expanding family, home offices, pets, and connectivity are playing a larger role in recent home buyer decisions. Additionally, more space, expanding households, and low interest rates are driving recent purchases. Here are a few other points that researchers are finding today:

  • - Home buyers plan to leverage technology and extra money to secure a home
  • - 3 Bedrooms and 2.5 Baths top the list of desired home layout
  • - Highly important features that are rising to the surface now are Garages, updated Kitchens, larger yards, and quiet locations
  • - Over 60% of home buyers are planning to move away from their current city, often citing affordability as the primary reason

This past year has elevated the role of family and friends for most of us. 75% of home buyers are considering their extended family when making their home buying decisions. These considerations include a home that can accommodate extended family visiting, staying part-time or full-time, and is located nearer to family. The need for more space (or less) comes into play generationally. Younger buyers’ preferences include more space for growing families, and older buyers tend to look favorably at downsizing. 

The pandemic prompted another important reason for seeking to purchase a home this year, it allowed people a chance to save money toward a home purchase. More good news notes that recent home buyers feel good about their choices, and say that their new homes have met their needs. There are signs pointing to normalization in the housing market and a return to seasonal trends. 10% of current homeowners state that they are planning to sell in the next 12 months. This is great news for homeowners looking for their next home and first-time buyers looking to benefit from today’s low mortgage rates.

What do you think? Have your home preferences shifted? Let us know what is important to you in the comments below. When you are ready to start your home search, contact us to be connected with an experienced REALTOR® who will assist you in finding just the right home for you now. 

*Data in this article is from a recent HarrisX national online survey of consumers including 1,218 adults who plan on purchasing a home in the next 12 months.

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