Despite the challenges the real estate industry has faced in 2020, the outlook has always been positive. This week, we dive into how technology, working from home, and self-care have all played a huge factor in purchasing a home.
Let’s start with what is being called “The Great Reshuffling,” where working from home became a national norm, allowing people to really think about where they actually wanted to live, rather than where they HAD to live in relation to workplace proximity. The pandemic has given people not only in the real estate industry, a sense of flexibility that didn’t previously exist. As long as there was an internet connection, people could set up an office anywhere.
“The pandemic has catalyzed purchases by millennial first-time buyers, many of whom can now work from anywhere,” said Jeff Tucker, Zillow senior economist.
This has led people to search out medium-sized metro areas that would be more affordable – and quite frankly, less stressful. While moving during a pandemic might sound difficult – research shows it’s brought in more positive results.
According to Zillow, 54% of Americans said they experienced happiness and relief after they decided to move. Nearly 80% were confident that moving was in their best interest, with 60% saying the move led to positive life events, such as a larger home or a cheaper mortgage.
The way people are searching for houses has heavily shifted online. According to a Zillow survey, approximately 80% of those surveyed said they’d prefer to view virtual home tours and a digital floor plan before they considered buying a home. Which makes sense, as Zillow also shared they saw a 32% increase of people saving the homes on its 3D Home Tour platform. These homes also received 29% more views than listings that did not include one.
This data factors into what Zillow believes will be approximately 2.5 million new households entering the housing market in 2021.
No one can argue we are experiencing a different market, but that also doesn’t have to be a bad thing.
No matter where you’re at in your home-buying decisions, our team at Century 21 Tri-Cities is committed to helping you find your dream home. Connect with us today to get started!