It is likely not a surprise to anyone paying attention to the real estate market that things are different in 2020 compared to past years. The pandemic has changed the way we shop for homes. Actual, in person home viewings are down with more and more potential buyers choosing to look at homes through virtual tours. Buyers are using direct online purchasing at higher rates than ever before. In addition to changing how we look at buy homes, the pandemic has also changed what buyers are looking for in a home.
In the past, buyers were often looking for open floor plans. Now, residential real estate experts note buyers are looking for separate spaces to hold virtual meetings without interference from other family members. Building off of this interest, buyers are also less concerned about commute times. Homebuyers are also looking more seriously at outdoor space. Large yards and patios are big selling points in todays’ market.
Some real estate experts are also reporting a shift from interest in big cities to small towns or suburbs. Those reporting this shift note the numbers are significant — a 164% shift in the past 60 days.
In most areas, there are more buyers than sellers. As a result, sellers have the potential to get a great price on their homes. Both parties can benefit from real estate documents that are tailored to their situation. Having provisions drafted to your specific transaction can help to reduce the risk of surprises in the future.