A brighter light has been shed on home life since the first wave of shelter-in-place orders surfaced in Spring 2020. This sudden transition and dependence on homebound lifestyles have caused many potential home buyers to take action and advantage of low mortgage rates to move to permanent homes that support full-time living. The coronavirus pandemic and the many other waves of unrest that have trailed closely behind it have made many city-dwellers consider moving to smaller and more rural areas in an effort to restore a sense of normalcy.
Top Concerns Motivating People to Buy Now
Since the beginning of the pandemic, mass migration from the city was sparked due to a domino effect of both cause and impact that seemed only to build. More of the notoriously expensive cities such as New York, Seattle, and San Francisco are now seeing higher migration levels that are growing exponentially.
Safety – New safety concerns have quickly risen due to protests, looting, and general city congestion. Rural areas offer less crowding, lower populations, and more controlled crime rates. The opportunity to drive, which helps to maintain distance, and access to less crowded healthcare facilities are a few other factors that also appeal to prospective home buyers.
Affordability – Many who were once office-bound chose city habitats in order to lessen their commute time, but the move to telecommuting has opened up more opportunities for people to choose suburban, rural or secluded properties that serve as an oasis, meets more preferred living accommodations, and are much more affordable. Many students and young adults have even chosen to move back home to save on expenses due to a lack of job opportunities.
Space – Working from home has changed the type of living spaces that people are looking for. Home offices and backyards are highly appealing to those looking to purchase homes. Garages and access to beaches or lakefronts is also attracting new homebuyers to the market.
Buying Now Will Save You Big Bucks
Historically low mortgage rates and negotiation pliability in the home buying arena are enticing buyers and are projected to continue into 2021. For now, 30-year fixed-rate mortgages have fallen to a yearly average of 3.4% in 2020 and will fall even lower to 3.2% in 2021. Because housing supply has yet to catch up with demand in many markets, those looking to buy should be prepared to act quickly if they come across homes of interest.
Buyers are Looking for:
- Outdoor spaces to escape confinement
- Large enough indoor spaces that will allow for more privacy between members of the household and additional family members
- Home offices… work-from-home setups aren’t meant for your bedroom!
- Less congested areas
- Large garages and enough room for extra parking
- Safe access to less crowded public outdoor spaces such as national parks or waterfront properties
Technology and agility are currently revolutionizing the home buying experience, and virtual tours have been wildly effective in keeping the home buying process very much alive during the coronavirus pandemic. A study by Realtor.com showed that about 25% of people looking to buy a home currently would be very comfortable completing the entire purchase online, and this trend seems to be continuing to rise.
Buying a home while society is slowly reopening provides the perfect opportunity to focus on interior design and update old furniture. Finding time to refinish or reuse old furniture pieces is an excellent way to add a rustic touch to your brand new home.
The housing market continues to take shape as the coronavirus pandemic’s full effect has yet to be seen. Working with local lenders and real estate professionals is a great way to stay informed. Getting in touch with your local lender for a pre-approval will set you up to take advantage of rare housing opportunities somewhat quickly, enabling you to build a new home that perfectly fits your needs.