Demand is high and inventory is low. Why are so many buyers looking for homes right now? Read about the four key factors driving people into looking for a new home.
If you’ve watched the news, then you know the real estate market is hot! But what’s driving this spike in demand? Before the current medical crisis, we returned home after work, after school, and after the gym. But now we’re home more than ever and doing all these activities within our own personal space. And this has changed and reprioritized what people need in a house.
Some of the factors forcing people to re-evaluate their current living arrangements include:
- Home Offices – Many people have been working from home the past several months and with no real end in sight, are beginning to ask “do I need to live so close to the office?” Because of the reduced need to commute into an office each day, many are considering moving further out where they can get more for their money.
- Virtual Schooling – 21 of the 25 largest school districts across the country are starting the school year remote. And kids, like working adults, need dedicated and quiet space to join Zoom calls and complete their classwork.
- A Home Gym – In our post from September 9, we talked about the importance of a good workout. And this need is driving home buyers to seek houses that have room for a home gym or at least, a Peloton bike.
- Outdoor Space – We all need to be getting as much vitamin D as we can these days so plenty of room outdoors is in hot demand! And the interest in home with pools has also spiked.
Do you know anyone looking for homes? What additional space/amenity do you wish you had in your home?