There are a wide variety of reasons why people want to pack up their belongings and move to a new house. It could be because their job transferred them to another location. It could be because they’ve been stationed in a new state. It could even because they want a fresh start somewhere new.
While these reasons still apply to many folks wanting to move, COVID-19 has given folks different reasons to consider moving. According to real estate agents who have participated in HomeLight’s Q3 survey, 44% of buyers are eager to buy a house simply because they need more space! Think about it – after being cooped up in a house for so many months, the house is going to feel pretty confining, even if it’s an 1,800 square foot abode.
It’s all about that space
People may have thought about moving before the pandemic for one reason or another, but as the coronavirus ravages through the nation, local and state governments have issued restrictions in an effort to “flatten the curve.” People are staying at home more now than ever and, let’s be real, there’s only so much a person can take! Life indoors can be even more exasperating if you have children who are participating in online learning and you’re working from home.
Space is a hot commodity among homebuyers for these very reasons. They want extra space to use as a home office so they can work in peace without worrying about distractions. Some families are even interested in homes with more than one space they can turn into an office to accommodate children that are being homeschooled, too.
People aren’t only looking for additional space for home offices, they’re hoping to find houses with ample cabinet space and large pantries. Buyers are also interested in finding homes with sizable yards, patios, decks and even pools so they can enjoy beautiful weather even after the stay at home orders have been lifted.
Ready to own a place of their own
Real estate agents have reported that 41% of their clients are ready to buy a house now because they’re done with renting. They’re tired of living by someone else’s (the landlord) rules and they want to get their piece of the “American dream.”
The rent money that you’re giving to your landlord isn’t helping you or your family to build wealth. It’s going into your landlord’s pocket and it’s helping them. When you own property, the value of that property will fluctuate over time, but in the long run, it always goes up. Plus, any upgrades you do to the house will increase the overall value of the home, which allows you to ask for money when you decide to sell.
For example, if you were to build a dedicated home office, it’ll cost about $12,000. But, when you go to sell it, you can expect to see an 87% return on your investment. You don’t even have to do big renovation projects either. You can do small things to boost curb appeal, which will help spark interest, therefore exposing your home to more potential buyers.
Say bye-bye to city life
It’s often been thought that if you wanted a chance of making it big, you’d have the best luck if you move to a city. That isn’t necessarily the case anymore, thanks to COVID-19. Real estate agents who participated in the survey report that 37% of clients are moving out of the cities and into suburban neighborhoods. Two of the main reasons are due to a lack of employment and fear of contracting the virus.
Hundreds of businesses (big and small) have had to close their doors because they were not considered an essential business, putting millions of people out of work. Unfortunately, a lot of these businesses have had to close for good. So it’s understandable that people are flocking to suburban areas where finding work may be easier.
Also, urban areas tend to be densely populated, which makes social distancing nearly impossible – especially on public transportation. With so many businesses allowing workers the option of working from home on a permanent basis, suburban life just sounds all the more appealing and, in many cases, more affordable!
While the reasons why people are moving have changed thanks to the pandemic, real estate agents are always there to help buyers make that transition as painlessly as possible. All you have to do is contact your local agent!
Author Bio: Evette is just your average HGTV fan who dreams of having a home worthy of being on one of those shows. When she isn’t writing for HomeLight, she’s working at her local real estate office. In her downtime, you’ll find her searching for the next great hiking trail in her area.