Buyers are changing their minds as to what is important to them in the next home they purchase.
Key elements in the buyer's minds set:
1. Distance between neighbors: The health guidelines established during the pandemic have reshaped buyer's idea of "how close I want to be to my neighbor." City dwelling and tract homes with marginal distance between homes no longer is preferred, rather a longing for "plenty of room to swing a rope." The suburbs are making a resurgence.
2. Proper Office Space: More and more employees have, over the past six months, had to carve office space out of bedroom, over size closets or even a storage shed to create usable office space. Buyers are attracted to homes that offer a designated office space or provide a loft area suitable to conducting business.
3. Affordable interest rates: You cannot deny it that buyers are attracted to the affordable interest rates currently available. As the interest rates drop buyers are willing to venture forth into the housing market to find bargains. Although prices are increasing and the inventory of homes is flat, pending home sales are up 13% compared to a year earlier.
4. Carpe Diem: Right now, there is a group of people who are highly motivated to buy. They have the money and they have the desire, and they are not afraid of the competition.
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