What drives home sales today?

The current determining factors in a home buyer’s purchase look different from a year, or even 6 months, ago.

Once upon a time in “ye old” 2019-20, some of the most important factors to a home buyer would have been square footage/room count, updated amenities, commuting distance, and community. A large percentage of this market were first-time home buyers, while others were relocating for work or personal reasons.

With the onslaught of Covid-19 and the resulting lockdowns, restrictions, and changes to our everyday pace, the tone of the real estate market and home buying process has changed significantly. While many people still want to set eyes on the property before signing on the dotted line, a tremendous surge in online shopping for real estate has taken place. Most buyers allowed their fingers to do the walking before stepping outdoors.

Things have cooled a bit in that realm, although there is still a fairly high level of anxiety within many people, specifically the elderly or high-risk population. While houses are flying off the market, oftentimes faster than someone can make an appointment to view the property, a seller still needs their home to stand out from the competition. It must drive traffic and allow for price increases.