To help our clients find success, we are constantly analyzing our market conditions. Lately, our conversations have shifted towards the effects that Covid has had on our current market. We're sure studies will be done for decades to come, but there are a few trends we've noticed recently that we wanted to share with you .
First, it was certainly a surprise to most that the waves of the shutdown in 2020 would cause an uptick in prices and demand. The ripples of those waves are still being felt today in many ways. Beyond the rise in prices and renewed demand, we have seen noticeable and ongoing changes to the priorities of the buyer post pandemic.
With so much time spent at home over the last few years, buyer's priorities have shifted. We are frequently seeing more and more buyers requesting:
· Light and space.
· Space for cooking. · The quest for privacy. · Space for working out. · Outdoor space. · Home office space. Light and Space After spending considerable time at home, buyers are more attune to the needs that their spaces fill. They are also really drawn to natural light and how that affects their main living spaces. While this was important before, it is more noticeable now. Space for Cooking Whether you spent shutdown cooking sourdough bread from scratch or whipping up all-day pasta dishes, buyers are more dedicated to cultivating these hobbies in a functional kitchen with plenty of storage and one that feels welcoming to more than just the cook. Kitchens have always been a place to gather and now the desire to entertain while preparing an elaborate meal is at the forefront of a buyer's wish list. Privacy With so much time spent in home with our families, having a quiet place has never been so highly valued. Maybe this is a library or reading room, or a small den off the main bedroom, however it is achieved, having some in home privacy from family is a necessity these days. Home Gym Post sourdough fix, carving out time to jump on the Peloton or hit the home gym helps work off the damage done. Buyers all seem to be focused on identifying that space when looking at homes, and because of that, we are intentional about highlighting that space with sellers when putting their homes on the market. Outdoor Space It started with outdoor neighborhood gatherings during the shutdown, and now it is a sought-after feature for almost all buyers. Having a well-manicured, outdoor area is important as we look to push our living spaces outdoors. Home Office The move to remote working from home doesn't seem to be going anywhere, and the flex space that was once outfitted for something else, is now being converted to an in-home office. Buyer's need a space to wear their blazers and pajama bottoms for their next Zoom call and it is high on their lists in all price points.
If you're in the market, what do you think? We'd love to know your thoughts!
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