September 3, 2021 | by Michael Wilt
Categories: First Time Buyer, Homeownership
HomeLight just released its Top Agent Insights report for Summer / Fall 2021 that highlights feedback from top real estate agents. The report covers the frenetic pace of the homebuying market, how new home buyers can take care of their home, how the hybrid workweek and post-vaccine environment are shaping home buyer preferences, and other topics.
Before discussing the report's findings, we quickly wanted to share a little bit about HomeLight, a company dedicated to empowering people to achieve better outcomes during the buying and selling of their homes. In addition to linking home buyers to real estate agents, they provide analyses and reports on the home buying market that we reference periodically in our blog.
2021 saw a massive increase in home value growth as 95% of agents report rising home prices in their respective markets.
The leading pandemic trend in home buyer preferences is a home office with 59.6% of agents citing it as the top priority for buyers.
Pandemic related health concerns among sellers is waning as 45.4% of agents say fear of COVID is no longer a deterrent in selling a home.
While the report is full of excellent insight, the findings surrounding emerging home buyer trends stood out most to us. The main takeaway is that home buyers are looking for home offices and quality outdoor recreation space to provide areas to focus on work and host guests safely. Dedicated recreation areas provide the added benefit of allowing homeowners to briefly take a break or recharge during a work day.
The report notes that home buyer preferences differ among generations, but what's common across Gen X, Millennial, and Gen Z buyers is the desire to live in a walkable neighborhood with amenities like gas, groceries, drug stores, food and entertainment options nearby. Moreover, the one trend that remains consistent from pre-pandemic to the current market is the proximity of good schools.
Unsurprisingly, many home buyers are also cancelling gym memberships and opting for a home that can fit gym equipment, and they are willing to move further out in exchange for bigger space given the reduction in commuting days.
While the report focuses on insight provided from the viewpoint of real estate agents, it also provides excellent tips for new homeowners, like how to maintain your house in the fall. So, whether you're someone assisting a home buyer or you're a home buyer yourself, we encourage you to peruse the full report to gain more insight into the home buying process and how to be a successful homeowner.
If you’re ready to make the leap into homeownership, TSAHC offers programs that can make buying a home easier and more affordable. We offer grants to help with your down payment, as well as tax credits that can help you save money every year that you live in your home. Click here to learn more.
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