What Are Buyers Looking For Now?

Updated 1/10/2024

Now that life is back to it’s “new normal” after the start of Covid, it has changed the outlook of the real estate market. Right now there is a major shortage of homes available and it is still a seller’s market. However, to get the most money for your home and beat out the competition, pay attention to what buyers are looking for after the pandemic. Being stuck indoors, in big cities, or with little access to stores, gyms, and offices, the wants and needs of buyers has changed.

So what are buyers looking for now?

Suburbs – Larger Outdoor and Living Space

Large cities were always attractive due to the proximity to stores, eateries, and work. But now, people are focusing more on time with family and friends, outdoor space, and more living space. Plus, the desire to get further away from strangers and close quarter apartment buildings is instinctual. People see it as safer and more relaxing to live in a quiet neighborhood. Having a deck, a yard, and a larger home are ideal after what we have all been through. While big cities have recently seen an uptick again in sales, suburbs are by far getting the highest prices and the most action.

A Dedicated Home Office

Many people moved to working from home as a result of the pandemic. While some have returned to offices or a hybrid situation, many offices have closed and gone fully remote. As a result, buyers are in need of a dedicated office space. Somewhere they can hide from disruption and noise (and kids!) Getting work done at home when it wasn’t meant to be done at home has proven to be a challenge. A home office is becoming a need on many buyer’s lists. Especially with the flexibility of living basically anywhere and working from home.

At-Home Gym Space

A place to work out at home has also become an increasingly popular request with buyers. With gyms closed for so long, many people took to working out on their own – or feeling extra stress not being able to work out like they are used to. Buying machines and weights and making your own gym space is on the rise. Homes with a spare room, a basement, even a garage are more appealing to convert into a gym space. With the long days at home with the comfort of food, alcohol, and Netflix, the pounds have packed on for many. This only increases depression and low self worth in already trying times. Times like these open our eyes to what we need in a home to make it functional in any case that arises.

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Land & Views

As I touched on before about people coming to the suburbs for more space and greenery, there are many still looking for more land. Land to drive quads and dirt bikes. Land to try their hand at gardening. To have space for the kids and adults alike. Lake front & ocean front homes are flying off the market and going up to $100,000 over asking price (still!).

Vacation homes have become year-round homes. Building homes on vacant lots to have exactly what you want and need has become increasingly popular. People don’t ever want to be stuck in a situation again with no means to get outside and enjoy some sunshine. With their own yard, they will always have that option. And with a beautiful view, it can make that bad days a little better.

Close to Necessities

Another popular add on to a wish list lately is the proximity to grocery stores and hospitals. Taking everything into consideration, it makes sense. Having a grocery store close is always nice, especially now with the demand for certain goods. Being near a hospital can sometimes be the difference between life and death. Especially in older people who have major concerns over the Coronavirus. Proximity to other places like hiking trails, beaches, and natural beauty are also becoming more popular on a buyer’s wish list. Being able to walk, hike, bike, or jog outside on a beautiful day does wonders for mental health.

Lower Priced Homes

It’s no surprise that with the economy the way it is, uncertainty about your next paycheck, and minimal job security, buyers are looking for lower priced homes. No one wants to get stuck paying for a home that they can’t afford. Simple as that. People are rethinking their finances. Trying to live off of 1 income when there are usually 2 definitely presents challenges. Not wanting to get into this situation again, some buyers are going for a cheaper home that they can fix up later. If it has the living space and the outdoor space, it’s an opportunity they want to explore. Many buyers have already had their deals fall apart as a result of losing jobs. If they still need to buy, they have no other choice than to go lower in price.

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Summer Rentals

Another popular want lately are summer rentals. People living in big cities are opting for a nice summer rental where they can work from home, enjoy the summer, and escape overcrowded apartment buildings or neighborhoods. A summer rental in a lake or beach community is a consideration. Having the option to enjoy some summer activities while getting in shape and laughing with loved ones is ideal. Kayaking, paddle boarding, swimming, boating, etc. Just getting away for a while can help clear your mind and appreciate what we still have in our lives.

A Few Other Comments on the Real Estate Market:

• Although in-person showings are happening, as well as Open Houses, thing have changed. Long lines at sought after Open Houses. 20+ offers and competitive prices on great houses. More virtual tours than ever before. People are buying homes basically site unseen, trusting their agent to facetime them and tour the house for them. The agent answers any questions, opens any doors, explores every room, and shows the home in detail – virtually.

• Commercial real estate is not bouncing back as quickly as residential. Maybe if it’s a small office space or something similar, but most commercial is very slow. Too much uncertainty in these times. Many offices are now virtual and the need for office space is low. Many stores and businesses turned to fully online sites. Low ball offers or lease requests are happening right now. The sale of commercial real estate will take longer to get back on track.

• Still many buyers have decided to just wait it out. If they don’t NEED to buy right now, they will just stay put until they know better what the future holds regarding their jobs and the economy. On the other hand, by selling homes for top dollar there has become an influx of cash buyers too – which make it extra hard for borrowers to compete.

Although the real estate market is starting on it’s recovery, it will still take time to get back to normal. For now, there is a “new” normal. Buyers are looking for solutions to the problems they’ve been having during the Coronavirus. Just as everything else, we need to take it all in stride and focus on it one day at a time.

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