Are you thinking of moving anytime soon and dreading the thought of high prices and limited inventory? We understand; the current housing market is overwhelming, due to the effects of the pandemic and limited supply. However, there’s hope! A recent report by Gravy Analytics can help you understand the current trends in the housing market- where people are searching for homes and what features they prioritize. Keep reading to learn more.
Demographics of Potential Homebuyers
Gravy Analytics found that the largest segment of potential homebuyers was millennials aged 25 to 34. This group prioritizes outdoor space/local parks, convenience to shops/restaurants, and neighborhood safety. This information speaks to the priorities of this generation, so if you’re selling a home in a popular millennial neighborhood, showcasing outdoor spaces and proximity to amenities will be a plus.
Popular Neighborhoods across the Country
According to Gravy Analytics, the most popular neighborhoods currently are Morningside Heights, Upper East Side, and East Village in New York; South Boston and Cambridge in Massachusetts; and Wicker Park in Chicago. These neighborhoods offer a mix of urban living, affordability, and access to amenities like restaurants and shops.
Top Features in Demand
‘Amenity-rich,’ is the phrase to keep in mind. Gravy Analytics found that the demand for amenities such as swimming pools, outdoor living spaces, garages, and room for a home office has increased. These features offer a sense of luxury and convenience, reminiscent of vacation homes and provide a sense of escape from stressful work routines.
Shift in buyer location preferences
Gravy Analytics found that people are moving away from larger cities and to suburban areas. This trend was driven partly by the pandemic, which caused work from home setups, leading to increased demand for larger homes and outdoor spaces. The demand for homes in cities experiencing population growth, like Denver, Nashville, and Phoenix, has also increased due to low mortgage rates and more affordable prices.
Increased Emphasis on Virtual Home Viewings
As people have become more cautious and avoid public gatherings, virtual home viewings have emerged. Unsurprisingly, Gravy Analytics found a surge in the number of ‘virtual open houses’ across the country as people utilize online platforms to tour homes. Offering virtual tours of your property provides your buyers with a sense of security and ensures that your showings are accessible to a wider range of potential buyers.
In conclusion, the housing industry is currently undergoing changes due to the pandemic and economic factors. Understanding the current trends and what homebuyers are looking for is key to remaining competitive in the housing market. The report by Gravy Analytics provides insight into the neighborhoods homebuyers are prioritizing, the features they’re looking for, and how they search for homes. By using the information above, you can tailor your strategy to appeal to potential buyers and achieve a smooth and successful move.
