Updated Homebuyer And Seller Trends Emerging In 2020
The year 2020 has proven to be unpredictable and real estate is no exception. As much of the nation is still feeling the impacts of the coronavirus — such as social distancing and shelter in place orders — home buyer and seller trends are emerging. Insights from top agents can help you be aware of what to expect to fulfill your real estate goals this year.
For everyone: It’s a virtual world
The new normal that we are experiencing in our daily lives has transferred to the real estate realm. In the past, buying and selling a home involved open houses and in-person meet and greets. Transitioning as much of these transactions as possible to virtual meetings is one of the homebuyer and seller trends emerging in 2020. Sellers can expect to work with their agents to market their homes online and schedule virtual showings with potential buyers. Buyers should know that they may not see their dream home in-person for the first time, as live viewings may be reserved for serious buyers to seal a deal. Initial buyer appointments might instead include a tour of the neighborhood and the outside of the home, to help people get a sense of whether a potential property might be the right fit, while maintaining social distancing. Other changes include increased safety measures like hand sanitizing and handwashing before home viewings, masks and gloves, and no touch protocols.
Trends for buyers
Buyers have specific concerns, and that means what they are looking for in a home has changed, as has their optimism about whether they can land their dream home now, or would be better off waiting. Insights from top agents found that 69 percent of buyers are worried about a lack of inventory, while 81 percent of agents say buyers are still on the hunt for their dream home. Covid-19 has seen people’s habits change to include more time spent at home for work, staycations, and socializing, and what buyers say they are looking for in 2020 reflects this. Suburban locations are on the list of must haves for 16 percent of buyers, while 15 percent are seeking private and spacious outdoor areas, and 17 percent of agents found that buyers want their next property to have a home office. The biggest challenge for buyers, according to 59 percent of agents, is a lack of supply to keep up with demand.
Trends for sellers
While some sellers might have taken a wait and see approach in the spring, agents have found that sellers are still active with 75 percent seeing client activity continuing to forge ahead. For agents, 38 percent of them said that they have put open houses on hold, in the interest of seller safety protocols. That means a greater focus on virtual showings and moving everything digital, including document signing. An interesting trend for sellers is that bidding wars are on the rise — in June 2020, 60 percent of agents noted this trend. That could mean that sellers can expect to get higher prices for their homes if they sell now, especially in markets where inventory is limited.
Whether you are looking to buy or are selling, working with your agent to stay aware of trends and use them to your advantage is the best strategy to be on a path to real estate success.