What are Buyers Looking for in Amenities

If we were to make a decision base solely on the market trends we would have to conclude that this is a tremendous time for homeowners who are looking to sell to do so. Despite that fact many potential sellers are reluctant to take that step. Concerns about the ongoing health crisis and the potential economic uncertainty it has caused has dampened enthusiasm of many potential sellers.

While this reluctance is understandable it also may be shortsighted. Inventory is extremely low and there are potential buyers ready to purchase. Like home buyers, home sellers have had plenty of opportunity over the last couple of months to evaluate or re-evaluate with their wants and needs regarding their future living space. They are eager to search, in earnest.

Lawrence Yun, Chief Economist at the National Association of Realtors (NAR) explains:

“A number of potential buyers noted stalled plans due to the pandemic and that has led to more urgency and a pent-up demand to buy…After being home for months on end – in a home they already wanted to leave – buyers are reminded how much their current home may lack certain desired features or amenities.”

The latest Market Recovery Survey from NAR shares some of the features and amenities buyers are looking for, especially since the health crisis has shifted many buyer priorities. The most common home features cited as increasingly important are home offices and space to accommodate family members new to the residence. Results below:

  • Home office - 24%
  • space for new family members - 15%
  • More personal space - 13%
  • Garden space - 11%
  • Exercise space - 8%
  • Broadband Internet access -8%
  • Larger kitchen - 8%
  • Acreage - 8%
  • Swimming Pool - 8%

The survey results also show that among buyers who indicate they would now like to live in a different area due to COVID-19, 47% have an interest in purchasing in the suburbs, 39% cite rural areas, and 25% indicate a desire to be in small towns.

As we can see, buyers are eager to find a new home, but there’s a big challenge in the market: a lack of homes available to purchase. Danielle Hale, Chief Economist at realtor.com explains:

“The realtor.com June Housing Trends Report showed that buyers still outnumber sellers which is causing the gap in time on market to shrink, prices to grow at a faster pace than pre-COVID, and the number of homes available for sale to decrease by more than last month. These trends play out similarly in the most recent week’s data with the change in time on market being most notable. In the most recent week homes sat on the market just 7 days longer than last year whereas the rest of June saw homes sit 2 weeks or more longer than last year.”

In essence, home sales are picking up speed and buyers are purchasing them at a faster rate than they’re coming to the market. Hale continues to say:

“The housing market has plenty of buyers who would benefit from a few more sellers. If the virus can be contained and home prices continue to grow, this may help bring sellers back to the housing market.”

If you’re considering selling and your current house has some of the features today’s buyers are looking for, let’s connect. You’ll likely be able to sell at the best price, in the least amount of time, and will be able to take advantage of the low interest rates available right now when buying your new home.