This information was extracted from BrigthMLS which is our main source and database for all realtors in our region. They recently published the results of their National Homeownership Month survey and the results are no surprise for me as a Realtor but something I believe it’d be interesting to share with my clients.
The highlights:
First: Homebuyers desire more space.
Since the pandemic began, more than 30% of buyers want a dedicated home office, more than 26% want a bigger yard and more than 21% want to live in a less dense neighborhood.
What does this translate into? Well… single-family homes are highly desirable right now and we are seeing a declining interest in condos.
Second: Virtual technology to buy homes has increased
It is true, 1 in 4 buyers have bought homes in the last couple of months without stepping foot in the house. Competition is still fierce in some neighborhoods. Some buyers understand it and if the house is in “coming soon” status (meaning they can’t see the house yet until it’s officially on the market for sale), they can at least look at the photos online and videos and submit an offer sight unseen… and win!
Many buyers are quite comfortable using technology like virtual tours, signing documents electronically, submitting checks online, etc.
Third: Summer/Fall is our new Spring.
Why is it so difficult for buyers right now to buy a home? Interest rates are still low so they definitely want to take advantage of it. Well.. .if you look at the BrightMLS reports for Fairfax and Loudoun Counties you will notice that we didn’t have the same number of homes on the market like we used to, and 77% of real estate agents are saying their clients are waiting until the COVID-19 related restrictions are lifted. “Where the Spring market is traditionally the strongest season, in 2020 we can expect the late Summer/Fall housing market to flourish”-BrightMLS.
If you are ready to buy a home, don’t wait. Even though interest rates are low, prices are still going up…
If you are thinking of selling your home, don’t wait. You’ll be gladly surprised to see how many buyers are interested in buying your home right now.
Need help? Contact me anytime. 🙂