If you weren’t well-acquainted with your house earlier this year, you certainly are now! These past six months have led to an overall decrease in trips outside your property—and we thank you for thinking of your community! Limiting social contact keeps everyone around you safe and healthy. But what about the ways staying home has affected homeowners—in the realm of real estate? There have been some interesting trends and statistics—so we’ll fill you in on them!
Witnessing a Rise in Value
The worth of your home is critical. Not only can it allow generous refinancing, but it can provide a profit when you sell. Right now, homes in Alabama are actually appreciating in value.
Reviewing Time Spent on the Market
You may think that people have stopped snapping up homes, but that’s not actually true! In Alabama, the amount of time homes spend on the market decreased from July 2019 to July 2020. They went from an average of 89 days on the market to an average of 81 days on the market. In Lee County, however, days-on-market during the same time period actually increased 8.2% to 79 days. Some experts speculate that homes spending more time on the market could be due to more people (and their kids) staying at home, meaning homes aren’t able to be shown as frequently.
Seeing Less Inventory
How many of us have been waiting for the right time to sell? This could mark the opportunity to leverage the value of your home. Currently, fewer houses are on the market statewide, as many sellers have decided to hold out during the economic uncertainty brought on by the pandemic.
Recognizing Property Priorities
When it comes to houses, there’s a difference between perks and necessities. People spending more time at home has made them more aware of what home features they truly care about vs. those that are not as big of a deal. For instance, right now, a dedicated home office is a huge necessity for many. Butler’s pantries, on the other hand, could be considered a less urgent perk.
Finding New Variables During Showings
Home showings used to be so different! This year, there have been some new variables introduced into the equation. Making plans around times when homeowners and their children will be home during the day. Knowing the right questions to ask during virtual tours. Following a seller’s sanitation requests before entering a home—they all have contributed to a different way of home shopping.
Falling in Love with Your House
We all lead busy lives! That means sometimes we can’t stop and smell the roses. Well, one of the ways staying home has affected homeowners is that some people have grown to appreciate their homes even more. From drinking their morning coffee basking in natural light, to taking a relaxing bath in the tub, to organizing their spacious closets, people are seeing the pluses in their property.
Getting Tired of Your Place
Some folks have fallen in love with their homes. Others are more than ready to move! Staying in one place means you may outgrow it or want a change of pace, ASAP!
Summary
Needing a change. Wanting to take advantage of your appreciating home. Finding a spot with the perfect features. If any of these ways staying home has affected homeowners also applies to you, it may be time to start a new real estate journey. And when you’re ready to move, you have help! Ryan Roberts will let you make the most of the real estate market. Contact him to buy, sell, or both in the Auburn, Opelika, or Lake Martin area. Finally, for more on the market during COVID-19, check out our blog here.