Does Your Home Have What Buyers Are Looking For?

By
Real Estate Agent with REMAX Realty Group Lic. # SL3154233

There’s great 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 could be 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 truly want and need in their space, buyers are ready and they’re in the market now. Lawrence Yun, Chief Economist at the National Association of Realtors (NAR) explains:

“A number of potential buyers noted stalled plans due to the pandemic and that has led to more urgency and a 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.”

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):

moving to Sw florida

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 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 market being most notable. In the most recent week homes sat on the market just 7 days longer than last year whereas the rest of June saw homes sit 2 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.”

Bottom Line

If you’re considering selling and your current house has some of the features today’s buyers are looking for, reach out to a local real estate professional with REMAX Abby Stiller. You’ll 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.

 

info provided by KCM

 

Posted by

 

Abby Stiller 

Realtor® Lic. #3154233    

14 Years of Experience

RE/MAX Realty Group    Cape Coral Fort Myers Naples  Realtor Cape Coral      

 

I help Home buyers find their dream home & Homeowners sell for more. Thinking of buying or selling? Call/Text me: 239-284-8637   Your Honest & Dedicated Realtor!

or visit: www.TeamStiller.com

 

Home Buyers Specialist     Veteran specialist  Foreclosure short sale specialist

 

Comments (9)

Joseph Domino 480-390-6011
HomeSmart - Scottsdale, AZ
Real Estate Made Easy

I am very surprised that Broadband Internet did not rank higher than 8%. I think that is one thing that is going to move up in the next few years.

Aug 09, 2020 06:39 PM
Brian England
Vacasa - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

This is such a great time for sellers and those that have what buyers are looking for will take advantage of a great market.

Aug 10, 2020 06:55 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Abby, excellent blog once again by you with great information in it.  Make it a great day!

 

Aug 10, 2020 07:01 AM
Norma J. Elkins
Elite Realty Group - Morristown, TN
Realtor - Elkins Home Selling Team

This is great but with technology going crazy I would think Internet would be a top one.  Hope that you have a wonderful day!

Aug 10, 2020 08:30 AM
Abby Stiller
REMAX Realty Group - Cape Coral, FL
Professional Bilingual Realtor (239) 284-8637

You are absolutely right Norma J. Elkins There are so many sites and apps that can be use for real estate in these days. Have a great Tuesday!

Aug 11, 2020 07:07 AM
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I think that the small percentage of respondents who mentioned broadband internet in the survey that you posted, Abby, is because broadband internet is a given in today's world...just like a kitchen sink.

Aug 12, 2020 07:59 AM
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Hi Abby..... the home office is in greater demand NOW than ever before.... we don't know how long Covid-19 will continue without a vaccine.... working from home is the new workplace...

Aug 12, 2020 12:46 PM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Abby Stiller - there are pivots in needs for homeowners and sellers need to understand things like home offices.

Aug 13, 2020 07:29 AM
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experienced Agent in Kansas City Metro area

So many buyers are ready to buy...but...some sellers think their homes are worth more than they are just bc the neighbor's house had a bidding war!  At the very minimum, homes must be well maintained, CLEAN and well kept, then priced correctly

Aug 19, 2020 12:43 PM