The real estate market is continuing to be drastically affected by the pandemic. The housing market is extremely hot because buyers who would have been purchasing homes in the spring are eagerly searching now. The summer and fall months will see the same trends. It is important that as a buyer or seller you are informed of the tendencies of the market at the current time. The best realtor in Plymouth, MN will be sure to inform you of how the market trends are going to affect your individual home buying or selling experience.
The first trend to discuss is that many home buyers are in a rush to find the right home. There is the case of families that are growing and need more space, who do not have the time to look at upwards of 10 houses. Instead, they are doing their research online and then having their real estate agent assist them with looking and analyzing the home value of an average of 3-5 homes before putting in an offer. There is also the case of the young professional needing to quickly find a new home. The suburbs of Minneapolis are becoming a very popular place for new, first time home buyers. These buyers are often in a time crunch to get settled into a new place before their job starts. This new home buyer trend is important to understand for both current buyers and sellers. Buyers should understand that they might need to act with a higher sense of urgency in today’s market, if they see a house they have to have. It is likely that if they take their time looking at other homes or putting in a competitive offer, there is another buyer right behind them eager to make a deal. The seller in today’s market should understand that they are likely to see multiple offers for their home if it is priced competitively. Valuations for the prices of homes are at a record high, which means if you are on the verge of considering to sell your home- it might be the right time to stop hesitating and do so.
The next trend worthy of recognition is that home buyers are looking for more space. This trend is likely due to the fact that many people are going to continue working from home. The pandemic forced the switch from office work to remote work. Many employees enjoy the perks of working from home and are making it a permanent shift. Because of this, home buyers are looking for extra bedrooms or office space. In addition to this, families are looking for more open floor plans and added general space. This is likely due to the shift in families ability to spend more time together at home. The pandemic has also caused many families to spend more time outdoors enjoying the nice weather and each other’s company. Home buyers have grown to really recognize the value of having a nice outdoor space, and they are now looking for more yard or area for their kids to run around. Real estate agents are seeing a dramatic spike in home buyers interest in a pool, garden, and other added outdoor features.
The adoption rates for new pets has also been through the roof in the past months, and buyers are looking for space to accommodate their new furry friend. It is important to note that although the pandemic will likely be over in the coming year, the effects that it has had on home buyers and their preferences will not. The pandemic has caused a shift in many people’s priorities and how they will look for homes for many years to come. Those looking to sell their home should consider if they have any of the features mentioned and discuss how this will affect their listing price with their trusted real estate agent.
The next trend to discuss is the increasing draw to the suburbs for both individuals and families. People are becoming much less concerned about having to drive to work in the city, because they are transitioning to working from home full time. Because of this trend, the suburbs are becoming more attractive than the city due to the lower prices and safer neighborhoods. Parents are not worried about commuting to work, so they are finally able to locate their family home in an area that’s independent of where their office building is located. Homeowners who have never been able to enjoy ample outdoor/indoor space are enjoying the freedom to expand their searches from the city to surrounding areas.
The last notable trend to mention is the wave of renters looking to become home buyers. Interest rates are at record lows, so for many renters it makes sense to start looking to invest in buying a home. An increasing amount of renters are coming to the realization that it makes more financial sense to buy a home than to rent right now. For many renters, it will cost them the same amount (or even less in some circumstances) to purchase a home with more space and of nicer quality.
In conclusion, you should do your research when finding the best fit real estate agent to represent you. You should ensure that they are extremely knowledgeable on how current trends are affecting the local housing market in Plymouth, MN. The real estate agent you choose to work with should be the utmost expert on the Plymouth market and should advise you on making decisions that are always in your best interest.