Motivations for Buyers To Move During the Current Housing Market
The current housing market is flooded with buyers with low-interest rates and slim inventory making it hard to compete. So what motivates these buyers to make the decision to move during the current market? Buyers across the country blame it on the health crisis. Your living space has become one of the most valuable assets during these uncertain times.
“For customers who cited COVID-19 as an influence on their move in 2020, the top reasons associated with COVID-19 were concerns for personal and family health and wellbeing (60%); desires to be closer to family (59%); 57% moved due to changes in employment status or work arrangement (including the ability to work remotely); and 53% desired a lifestyle change or improvement of quality of life,” according to the 2020 Annual National Movers Study.
These different perspectives have shaped homebuyers’ new view on homeownership. Here are some reasons why buyers are considering now the time to buy.
1. Working from Home
This has become the norm in the working community. After the stay-at-home orders were mandated last year, the workforce had to change their perspective on working from home. Nowadays your work commute is not as important as it was in the past. There has been a residential migration because of remote working. Fifty-three percent expressed that they would be more likely to move.
2. Room for Fitness & Activities
Health has become more prevalent during the COVID-19 pandemic. This has become a top priority for all of us. Fitness Trends 2021: New Trends in Fitness [Global Report] states the fastest growing fitness training areas are at-home fitness equipment rising up 50%, personal trainers/nutritionists up 48% and online fitness courses, classes and subscriptions are up 17%. This means having a place at home for workouts is a must.
3. Outdoor Space
Now more than ever a place to enjoy nature is important when it comes to a home. Better Homes & Gardens released outdoor living trends which included that 60% of homeowners want an outdoor kitchen, edible gardens are also high on the list as well as secluded outdoor spaces.
Moving up to a bigger home might be your best option when it comes to accomodating any of these features. Now is the time to make the move with historically low mortgage rates. Take the plunge and choose a Realtor who knows your neighborhood and the current housing market.
