The quarterly report, which surveyed more than 1,100 top real estate agents across the country, confirms that the U.S. housing market continues to be a seller’s market, but new data on the wars between bidding and changing seller behavior show that trends are changing.
SAN FRANCISCO, Jul 14, 2021 / PRNewswire-PRWeb / – HouseLight, the real estate technology platform transforming the buying and selling process for leading real estate agents and their clients, today released its Summer / Fall 2021 Top Agent Insights Report showcasing how a new hybrid workweek and post-vaccination mindset shape the preferences of today’s home buyers and sellers. According to the report, 98% of top agents nationwide agree that it continues to be a sellers’ market, up from 79% since the pandemic housing boom began in the summer of 2020 – but new results show that things are changing. as the priorities of home buyers change. and sellers are eager to capitalize on the current high prices in the market.
“This is truly the first time since the 1950s that home buyers have started to think about a home differently,” said a survey participant. Lindsay Mann-Emerson, top Colorado real estate agent in the HomeLight network. “I believe that the pandemic and the subsequent blockages have forever changed the housing market, our view of housing, our needs and what ‘home’ means to people.”
New data predicts a change in homebuyer behavior and indicates why stocks could be unlocked in the second half of 2021:
FOMO for the home seller is real – for near-retirees in particular: many agents say high prices can induce more sellers to list by triggering a “ carpe diem ” reaction – nearly half (48%) of agents say they expect this FOMO feeling will work. unlock more listings in 2021. 61% of agents agree that the type of seller most likely to be motivated by today’s high prices are near retirees who cash out several years earlier than planned to increase their savings.
A mortgage rate of 4% could cause a shift in inventory: potential home sellers know buyers are being impacted by low mortgage rates, and more sellers are under pressure to start listing before mortgage rates rise. 52% of agents say that mortgage interest rates should only rise to 4–4.5% for buyer demand to decline. 23% of agents say that the mortgage interest rate must reach 5% for this to affect the situation.
Current homebuyer preferences show that we still want to remain couch potatoes even in today’s post-vaccination society: even as people are starting to return to the office, the data shows that home life is reigning supreme and buyers are willing to pay more for certain features. related to her. A dedicated work space at home (according to 60% of agents is the top priority for all buyers) and open space for relaxation (50%) have replaced proximity to work (20%) as a must for home hunters nowadays.
Comparing the preferences of homebuyers across generations, Gen Z wants turnkey homes near the action, while WFH, Millennials want great school districts, and Gen X is preparing the backyard for retirement:
Gen Z wants turnkey homes close to action with location for WFH: Top priorities for Gen Z buyers born between 1997 and 2012 are ready to move in (56% of agents say the top priority for this pool of buyers is ), close proximity to restaurants and shops (49%), home office facilities (45%) – and 91% agree that space is not a priority for Gen Z homes.
Millennials prioritize great school districts: A great school district (65%), a suitable home office (51%), and relocation opportunities are top priorities for millennial homebuyers born between 1981 and 1996. (46%).
Generation X prepares a backyard for retirement: 47% of agents say move-in readiness and modernized outdoor living areas are top priorities for Generation X born between 1965 and 1980.
Each generation group prioritizes readiness to move in, which may be cost-related: 56% of agents say builders are forced to raise prices for contract buyers due to shortages of raw materials and rising costs.
Peloton Was Worth It: Home Gym Cost Has Increased 99% Since Pre-COVID: Agents Estimated Home Gym Cost Is Up 69% YoY. USD 3,635 before COVID USD 6,127 post-vaccination. The Pacific has seen the biggest jump in the value a home gym adds to property, with USD 3,939 to USD 7,824 – an increase of 99%.
The value of hot tubs is on the rise, especially in the Midwest and Northeast: the value that a hot tub puts into a home has increased by about 71% since the start of the pandemic. Before COVID-19, an underground Jacuzzi brought about USD 4052… After vaccination, buyers will pay approximately USD 6925 for the function. In the northeast, the hot tub is the best. USD 8,292, but the Midwest saw the largest increase in value of 106% over USD 1890 to USD 3,899…
HomeLight’s Top Agent Insights Summer / Fall 2021 Report May 20 – June 4, 2021via 1115 HomeLight Elite ™ online survey and leading real estate agents nationwide. The agents were selected to participate in the survey based on the same performance data that HomeLight uses to identify the best real estate agents for hundreds of thousands of home buyers and sellers across the country. The HomeLight Elite Agent ™ program partners with leading real estate agents based on performance, customer-friendly product use, and customer satisfaction ratings.
For more information download the full version Summer / Fall 2021 Top Agent Insights Report…
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The best real estate agents rely on the HomeLight platform to deliver the best results for home buyers and sellers every step of the way to real estate, whether it is an all-cash offering, unlocking the liquidity of their existing home to buy a new one, or building confidence. through a modern closing process. Each year, HomeLight helps thousands of agents run billions of dollars of residential real estate business.
HomeLight is a privately held company with offices in Scottsdale, founded in 2012. San Francisco, New York, as well as Seattlebacked by prominent investors including Zeev Ventures, Menlo Ventures, Group 11, Crosslink Capital, Bullpen Capital, Montage Ventures, Citi Ventures, Google Ventures and others.
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