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As many of us spend extra time at home, we’re reevaluating what”home” means and what we may need in one going forward.
1. In 2020, the average interest rate for a 30-year fixed mortgage hit a record low 16 times, continuing to fall further below 3%. Many wonder how low these rates will go and how long they’ll last. “If you’ve found a home that fits your needs at a price you are able to afford, it might be better to act now rather than wait for prospective speed declines which might never come along with a future that probably holds quite tight stock ”
This sense of urgency is driving many to buy this year.
2. Working from Home
Remote work is a new normal for many businesses, and it’s lasting longer than most expected. Many in the workforce today are discovering they don’t need to live close to the office anymore and they can get more for their money by moving a little further outside of the city limits. David Mele, President at Homes.com, says: “The surge from the work-from-home population has the playbook for several homebuying and rental decisions, from when and where to relocateto what people want to get in their next residence.”
The reality is, for some people, working remotely in their current home is challenging, especially when there may be other options available.
3. More Outdoor Space
Another new priority for homeowners is having more usable outdoor space. Being at home is driving those in some areas to seek less densely populated neighborhoods so they have more room to stretch their legs. In addition, those living in apartments and townhomes are often looking for extra square footage, both inside and out.
According to the State of Home Spending report by HomeAdvisor, of the households surveyed, almost half reported spending 27% more on outdoor living over the past year. This is a trend that’s expected to grow in 2021 and beyond.
4. Avoiding Renovations
It’s recently come to light that many homeowners would also rather buy a new home than go through the process of fixing up the one they have. According to the 2020 Profile of Home Buyers and Sellers report from the National Association of Realtors (NAR), 44% of homebuyers purchased a new home to “prevent renovations or problems with the plumbing or electricity.”
Based on what has to be dealt with, today’s high buyer requirement may make it possible to bypass a few renovations prior to purchasing. Many of these homeowners have risked buying over renovating for convenience and potential cost savings.
It’s apparent the homeownership needs are shifting. Because of this, Americans are expected to proceed in record amounts this season. If you’re trying to decide if now is the ideal time to buy a home, let us connect today to go over your alternatives.
This post was originally posted on Simplfy the Market