The past year has exposed major shifts in the real estate market with consumers considering moves with reasons for those moves being very different from previous years. In the past relocation for jobs, retirement, and being closer to family have been common reasons for moving. Those reasons are certainly relevant in this market, but in the past 14 months, living space desires have seen considerable changes, as well as working at home has revealed that “get-a-way” type properties are viable full time living options, and are major additional factors driving the real estate market. Continued low interest rates also have contributed greatly to the accelerated real estate market activity.
Most importantly, the Pandemic has shown us that “change” is truly only a moment away. “Adapt” is certainly one of the big buzzwords of the year, with many people making moves that really were not on the radar a year or so ago. As the economy and regulatory changes evolve, consumers need to be aware that they may want or need to make a move.
Making a move requires preparation, and time to do that preparation needs to be factored into the plan. Depending on the types of preparation, repairs, or possibly renovation that needs to done, the lead times to obtain materials or have contractors do the work need to be major considerations. Lead times, as well as costs, are increasing currently and are very important factors in the overall plan.
It also needs to be mentioned that keeping updates done and the home in good repair helps a seller to have flexibility they may need to make a move. With limited property inventory, delay due to a home not being ready for market may very well mean that when a seller tries to buy their next home that it may impact their ability to make their best offer to secure their next property.
As an agent, I can provide guidance on market preparation and make recommendations to help sellers achieve their goals, as well as the other steps necessary to move on to their new home.