The past year has been full of many ups and downs, but one of the bright spots has been a housing market that hasn’t been this healthy for years. We have been delighted with how many people have already reached out to contact us this year regarding the sale or purchase of a home. There are many reasons people move every year, but this year, in particular, those reasons have changed a little. People are buying for the first time, upgrading, or relocating all over the place. There are so many factors motivating people to move right now; even if you haven’t thought of moving yet, you probably will after you read why others are taking the leap.
Homeowners Are Looking for More Space
The pandemic changed the way many of us live, and many people who went remote are never going back to a traditional office, so one of the top reasons people are moving in 2021 is they are looking for a home with dedicated office space for their workday. Fitness also took center stage in many people’s lives, and with the gyms closed, they started working out at home and acquiring the exercise equipment that comes with it. People need space to store the equipment they already have and expand their home gyms, which require more space. It isn’t just indoor space that people are looking for either; people are seizing the opportunity to buy houses with some land to enjoy backyard living.
Why Renovate When You Can Move?
Being a homeowner comes with many responsibilities, and sometimes we like to put them off a little too long. Something like a bathroom remodel or gutter replacement may be on the to-do list, but right now, these types of updates can be put on hold. This has been way down the list of reasons people move in the past, but with how competitive the housing market is, a buyer will gladly pay top dollar for a house with four walls and a roof even if it needs a little work.
Historical Interest Rates and Surprise Down Payments
For a lot of people, the road to homeownership has been filled with financial setbacks and detours. One of the most significant barriers to homeownership is the down payment — the increase in unemployment benefits and the stimulus checks found many people able to pay off debts and save enough for that elusive payment. Additionally, with record-low interest rates, people are finding their monthly mortgage payment to be less than what they are paying for rent.
Now’s the Time to Sell Your Home
Some homeowners who choose to move now may have wanted to move for a while, but the timing wasn’t previously right for them, or they didn’t want to get involved in the hassle of multiple showings and potential low-ball offers. Now is the perfect time to sell because many sellers are getting multiple offers well above the asking price, and often on the same day. The current market is positioned to allow some of the traditional hassles of home selling to potentially be avoided.
These are just a handful of the top reasons people are moving in 2021. Everyone has different motivations for choosing the right time to buy their dream home. No matter the reason, there hasn’t been a time like this to buy or sell in recent history, and no one knows how long it will last. If you are one of the many taking advantage of this historic time to buy or sell a home, contact our real estate specialists today to find out how we can make your home buying experience a special one.